Crypto saw 62 million acquired users across eight chains in 2023: Flipside report

Flipside Crypto reported that blockchain users and divulge grew exact thru 2023 in a report shared with CryptoSlate on Jan. 25.

The analytics firm wrote:

“Crypto no longer too long ago has been fluctuating thru extremes, with on-chain divulge and particular person sentiment swinging wildly exact thru the last 365 days … nonetheless finally, the previous many months own concluded on a excessive label, with particular person progress and divulge surging exact thru when it comes to every main chain.”

Flipside significantly seen progress in bought users, defined as users which own conducted no lower than two transactions on a blockchain.

One chart within the report means that eight main blockchains skilled 62 million bought users. The firm renowned that Ethereum (ETH) and Polygon (MATIC) seen the most particular person acquisitions, every with about 15 million bought users over the 365 days.

Bitcoin, within the meantime, seen 10.7 million bought users over 2023. Other chains seen considerably much less progress, as seen below:

Flipside renowned that particular person acquisition peaked in Would possibly perchance well 2023 as 5.8 million users executed their second on-chain transaction on varied chains.

It added that particular person acquisition started to upward thrust in March alongside the give arrangement of Silicon Valley Bank, that might perchance perchance own diminished have confidence in centralized financial companies and products and driven users to decentralized alternatives. Flipside added that particular person acquisition step by step dropped off after Would possibly perchance well ahead of rising over again in December.

It moreover renowned explicit tendencies for every blockchain. Flipside talked about that Polygon (MATIC) feature a file for January by acquiring 2 million users that month. It added that Avalanche (AVAX) seen accounts surge in March to 481,000 amidst the originate of a euro stablecoin.

Furthermore, Arbitrum (ARB) and Optimism (OP) attracted hundreds of hundreds of users, seemingly due to airdrops.

Within the break, Flipside renowned that Coinbase’s Layer 2 network, Defective, seen a solid commence with 633,000 users within the month of its originate, August 2023. Nonetheless, per the report, the chain seen lesser progress in opposition to the tip of the 365 days.

Predicted tendencies for 2024

In predicting future tendencies, Flipside renowned that 2023 seen a decline in NFT-related divulge and a shift in opposition to to decentralized finance (DeFi) divulge.

As such, it urged that the following divulge cycle will in a similar style be dominated by varied DeFi actions in preference to NFT procuring and selling. Flipside urged that decentralized exchange (DEX) procuring and selling and yield farming will proceed to be predominant applications. Furthermore, it predicted the upward thrust of new DeFi applications such because the Ethereum restaking protocol Eigenlayer.

The firm talked about users will seemingly interact with a pair of chains at an elevated price in 2024, though most will proceed to own interplay with most realistic seemingly one chain.

Flipside moreover predicted that users will an increasing number of interact with Layer 2 networks in 2024. It renowned that though users who interacted with a pair of chain in 2023 had been a minority, those that did so largely interacted with Layer 2s.

It added that elevated transaction costs at some stage within the crypto market’s next bull trail might perchance perchance drive Layer 2 networks to lower their costs for stop users competitively. This can, in turn, enlarge ardour in related governance tokens, it talked about.

Within the break, Flipside predicted that new chains would originate in 2024 to fulfill new requirements and that these might perchance perchance offer specialization and diverse exhaust instances.