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Research on Web3 ecosystems continues to draw attention. According to blockchain data analytics firm Flipside, the Layer-2 scaling network Polygon has nearly acquired as many crypto users as the Ethereum ecosystem in 2023. As an Ethereum scaling solution, Polygon gained 15.24 million users, trailing Ethereum’s 15.4 million users by approximately 160,000.
Noteworthy Data on Polygon’s Growth
Flipside defined an active user in the ecosystem as someone who has made at least two transactions on a particular blockchain network, with at least one in 2023. Interestingly, Polygon led the list in the first half of 2023 but was overtaken by Ethereum, which maintained its lead as users did not find what they expected in the second half of the year. The team stated:
“Polygon made an impressive start to the year with 2.8 million users in January, accounting for over 40% of the total users it would acquire in 2023.”
“From that point on, Polygon experienced the most consistent monthly decline in user acquisition throughout the year, but still compared favorably with other networks.”
Key Details from the Research
In this research, Bitcoin ranked third with 10.65 million users, while Solana and Arbitrum managed to be in the top five. A total of 62 million new users were recorded across eight blockchain networks monitored, including Optimism, Avalanche, and Base. Flipside noted that user acquisition peaked in May and gradually decreased:
“The increase in acquired users began in March, coinciding with the collapse of Silicon Valley Bank, which could have shaken confidence in centralized institutions and sparked a flight to decentralized custody alternatives.”
Flipside also mentioned that Base had a strong start to the year after its launch in August 2023, but its user volume decreased in the final months of 2023. The team suggested that the excitement in more established blockchain networks towards the end of the year could have contributed to the decline in Base’s user growth, as these networks have more robust and diverse application ecosystems for interaction:
“However, considering Coinbase’s efforts to serve as a crypto gateway for new users, the next bull run could be a positive sign for Base’s user growth.”
