Flipside reports cryptocurrency users boom, defi over NFT focus in 2023

The latest report by blockchain analysts Flipside unveils a complete view of the fluctuating crypto world in 2023, marked by important consumer progress and evolving developments.

In accordance with the report, 2023 witnessed a peak in acquired consumer quantity in Might, recording over 8.8 million accounts lively throughout a number of chains. This synchronized progress trajectory throughout most chains means that broader market sentiments proceed to steer crypto adoption.

A big remark is the exercise of tremendous customers, outlined as wallets with over 100 transactions. These customers predominantly engaged in DeFi-related transactions slightly than NFTs. Nonetheless, a pattern reversal is obvious on L1 networks like Ethereum (ETH), the place promoting NFTs was extra frequent, indicating a shift of NFT investments to less expensive L2 networks.

Users acquired by chain and month | Source: Flipside

Customers acquired by chain and month | Supply: Flipside

Flipside additionally reported that 2023 marked the rise of recent DEXs and NFT marketplaces, however consumer exercise remained targeting a couple of main platforms reminiscent of Uniswap and OpenSea.

This focus, pushed by community results like asset liquidity, underscores the relative immaturity of the crypto market in comparison with conventional finance. Tremendous customers additionally confirmed various preferences for secondary and tertiary DEXs, with a notable tilt in direction of promoting NFTs.

You may additionally like: Coinbase introduces creation of AI-generated NFTs

EVM customers predominantly interacted with a single chain, with a notable 86.9% sticking to 1 community. Nonetheless, a considerable section explored a number of L2s, significantly between Polygon and different EVM-compatible layers, indicating a rising consolation with cross-chain interactions.

The report anticipates the following bull run to be pushed by various defi actions, difficult present L2s to decrease prices and improve consumer experiences. This competitors is predicted to propel EVM adoption. The emergence of recent chains catering to particular consumer wants is probably going, resulting in extra specialised ecosystems and use instances.

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Learn extra: Chainlink debuts value feed oracles on Polygon zkEVM

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