Solana

This Network Had as Many Users as Ethereum in 2023: Flipside Data

Polygon, a layer-2 scaling community, almost matched Ethereum’s consumer base in 2023, as reported by blockchain analytics agency Flipside.

Polygon acquired 15.24 million customers that yr, coming near Ethereum’s 15.4 million, with a distinction of round 160,000 wallets.

Polygon Topped Person Acquisition in First Half of 2023

Flipside defines an “acquired” consumer as somebody who engaged in at the least two transactions on a selected blockchain, with at the least one occurring in 2023. In the course of the first half of 2023, Polygon led the consumer acquisition race however was later surpassed by Ethereum, sustaining its lead all through the latter a part of the yr.

In January, Polygon achieved a exceptional milestone with 2.8 million acquired customers, constituting over 40% of the overall quantity for 2023, in line with Flipside. Ethereum secured the lead for the whole yr, whereas Bitcoin claimed the third place with 10.65 million acquired customers. Solana and Arbitrum accomplished the highest 5 rankings.

The aggregated knowledge from the eight tracked blockchains, together with Optimism (OP), Avalanche (AVAX), and Base (BASE), revealed a complete of 62 million acquired customers. Flipside noticed that consumer acquisition peaked in Could however step by step declined afterward.

Notably, Flipside instructed a connection between the surge in acquired customers beginning in March and the collapse of Silicon Valley Financial institution. The occasion probably eroded confidence in centralized entities, prompting a shift in direction of decentralized custody options.

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Base, launched in August, additionally exhibited a robust begin, however its consumer quantity dwindled within the remaining months of 2023. Flipside speculated that the waning consumer development for Base may be attributed to renewed enthusiasm for extra established chains in direction of the top of the yr.

Flipside Predicts Traits for 2024

In its predictions for future developments, Flipside noticed a decline in NFT-related actions and a shift in direction of decentralized finance (DeFi) actions throughout 2023. Anticipating the upcoming cycle, Flipside instructed that DeFi actions would proceed to dominate, surpassing the prominence of NFT buying and selling.

Particularly, it highlighted decentralized trade (DEX) buying and selling and yield farming as ongoing predominant purposes whereas additionally forecasting the emergence of recent DeFi purposes just like the Ethereum restaking protocol Eigenlayer.

In line with Flipside, consumer habits in 2024 is predicted to contain elevated interplay with a number of blockchain networks, though most customers will doubtless follow participating with a single chain.

The prediction additional emphasised a rising pattern of consumer interplay with Layer 2 networks within the coming yr.

Regardless of being a minority in 2023, customers with a couple of blockchain predominantly interacted with Layer 2s. Flipside speculated that rising transaction charges in the course of the subsequent crypto market bull run could lead on Layer 2 networks to decrease their prices for finish customers competitively, probably driving elevated curiosity in related governance tokens.

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