Ethereum ranked first in terms of users attracted in 2023 with 15.4 million users, while Polygon drew almost the same number and Bitcoin closed the top three with a big gap.
According to Flipside analysts, Polygon had the fastest-growing community at the end of H1 2023 but was overtaken in H2 by Ethereum, whose blockchain network had 15.4 million new users in late 2023. Polygon’s figure is 15.24 million engaged users, while Bitcoin added 10.65 million users last year.
As a new user, analysts considered a person who made at least two transactions on a particular blockchain network, with the first one performed in 2023.
The top five leaders in the number of attracted users are Arbitrum and Solana, which attracted 7.38 million and 5.6 million, respectively. Analysts cite data on the top eight blockchain networks in terms of audience growth, including Optimism, Avalanche, and Base. Together, they attracted 62 million new users last year.
The influx of new users peaked in May and gradually declined thereafter. The report suggests that the situation was affected by the collapse of several banking structures in the U.S. related to crypto, which destabilized the banking system. This undermined user trust in centralized organizations and pushed them to look for decentralized alternatives for storing assets.
The report contains many interesting details concerning the user behavior of the eight blockchain networks mentioned, as well as a number of predictions for 2024, among them are:
- The DeFi sector will be the driver of the next bull market.
- Layer 2 solutions will reduce costs and accelerate the adoption of EVM-compatible networks.
- Development of an infrastructure based on the Solidity programming language.
- Increase in the percentage of users who store assets across multiple blockchain networks. Research shows that in 2023, 86.88% of users remained within a single network.
- Emergence of new blockchain networks to meet current and future demand.
According to a recent report by Crypto.com, the total number of crypto users grew by 34% in 2023, reaching 580 million by the end of the year.
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