Layer-2 scaling network Polygon almost acquired as many crypto users as Ethereum in 2023, according to blockchain analytics firm Flipside.
Polygon, an Ethereum scaling solution, boasted 15.24 million acquired users in 2023, approximately 160,000 short of Ethereum’s 15.4 million.
Flipside defined an acquired user as one who conducted at least two transactions on a particular blockchain, with at least one taking place in 2023.
Interestingly, Polygon led the tally for the first half of 2023 but was ultimately overtaken by Ethereum, which kept the lead throughout the second half of the year.
Is the bull is really here? How can we tell?
Data.
Sentiment isn’t the only thing that’s changed lately. According to the data, user behavior is shifting — and with it, crypto markets.
We cover it all in The Onchain Crypto User Report pic.twitter.com/IsclNOZhJk
— Flipside (@flipsidecrypto) January 25, 2024
“Polygon kicked off the year with an impressive 2.8MM acquired users in January — accounting for over 40% of the network’s total acquired users in 2023,” Flipside explained.
“From there, Polygon experienced the most consistent decline in monthly user acquisition over the year in relative terms, but still compared favorably with more other networks.”
Bitcoin came in third with 10.65 million acquired users, while Solana and Arbitrum rounded out the top five.
A total of 62 million acquired users were recorded from the eight tracked blockchains, including Optimism, Avalanche and Base. Flipside noted that user acquisition peaked in May before acquired users gradually declined.
Acquired users from various blockchain networks in 2023. Source: Flipside
“The acquired user increase began in March, coinciding with the collapse of Silicon Valley Bank, which may have shaken confidence in centralized entities and ignited a flee to decentralized custody alternatives,” wrote the firm.
Related: Polygon AggLayer to make multiple blockchains feel like ’a single chain’
Flipside said Base started strong following its launch in August 2023, but its user volume “tampered off” in the final months of 2023.
“Renewed…
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