Polygon challenges Ethereum’s dominance in user acquisition.
Key Takeaways
- Polygon was roughly on par with Ethereum in user acquisition in 2023, indicating a significant shift in blockchain user preferences.
- The top five networks for user acquisition were Ethereum, Polygon, Bitcoin, Solana, and Arbitrum, demonstrating a diverse and competitive blockchain environment.
- External factors, such as the Silicon Valley Bank collapse, have influenced the surge in blockchain user acquisition, reflecting the trend toward decentralized financial solutions.
polygonthe leading Layer-2 scaling solution for Ethereum, has made significant progress in 2023, including: Closely matching Ethereum’s user acquisition numbers.
This has seen Polygon’s impressive growth trajectory, according to a report shared by blockchain analytics firm Flipside. Cumulative number of users is 15.24 milliononly Slightly behind Ethereum’s $15.4 million.
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According to Flipside’s analysis, acquired users are classified as those who have performed at least two transactions on the blockchain network, one of which occurred in 2023.
polygon The first half of 2023 is off to a strong startLeading the race Ethereum regained and maintained its lead in the second half of the year..
Specifically, the Flipside report said:
Polygon’s remarkable performance began with a surge in January, securing 2.8 million users, more than 40% of its total users for the year.
Despite a gradual decline in new user acquisition as the year progressed, Polygon’s overall performance remains solid and competitive..
Among other notable blockchain networks, Bitcoin ranked third with 10.65 million new users.while Solana and Arbitrum round out the top five.It reflects the dynamic and diverse nature of the blockchain ecosystem.
The total user acquisition of the eight tracked blockchains, including Optimism, Avalanche, and Base, reached 62 million in 2023. This growth has reached its peak. In MayIt gradually decreases towards the end of the year.
The report also attributes the increase in blockchain users to external economic factors, especially March Silicon Valley Bank bankruptcyThis has likely triggered a shift from centralized financial institutions to decentralized alternatives.
Base, launched in August 2023, saw strong initial user influx but declined in the second half of the year. Flipside attributes this to a resurgence in the popularity of more established chains that offer a broader range of applications and ecosystems.
However, the company We remain optimistic about Base’s user growth potential.This is especially true with Coinbase’s efforts to serve as a gateway for newcomers to the cryptocurrency world.
In the 2023 cryptocurrency environment, there was fierce competition in user acquisition, with Polygon almost matching Ethereum, highlighting the intensifying competition and diversification of the blockchain sector.
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