In 2023, the Polygon project recorded 15.24 million new accounts, while Ethereum registered 15.4 million, according to a report by Flipside.
Here are a few surprises we discovered:
— @0xPolygon had almost as many acquired users in 2023 as @ethereum
— Super users (100+ txs) bought more NFTs than they sold
— 85% of wallets have only transacted on a single chain, but this is lower than in previous years
— Flipside ? (@flipsidecrypto) January 25, 2024
New users were defined as wallets that conducted at least two transactions on a specific blockchain.
Polygon led Ethereum in this metric during the first half of last year but later slowed its growth rate.
“Polygon started with an impressive 2.8 million acquired users in January, accounting for over 40% of the network’s total in 2023,” researchers explained.
The Bitcoin blockchain ranked third with 10.65 million new accounts. Solana and Arbitrum completed the top five.
In total, the eight protocols studied attracted 62 million users.
“Growth began in March, coinciding with the collapse of Silicon Valley Bank, which may have undermined trust in centralized organizations and prompted a shift to decentralized alternatives,” analysts noted.
Considering that the L2 solution Base was launched only in August 2023, the project showed significant results with 1.94 million new accounts. Flipside expects an increase in user inflow to the project this year.
The company’s data also shows that 85% of wallets interacted with only one blockchain. Additionally, “super users,” with over 100 transactions, bought more NFTs than they sold.
In November, Polygon launched POLS tokens inspired by Ordinals. Amid the excitement, network fees surged by 1000%.
Later, the Polygon Labs team introduced AggLayer, an aggregation layer aimed at connecting blockchains based on zero-knowledge proofs.