Polygon's success: Can blockchain overtake Ethereum in users?
Polygon's success: Can blockchain overtake Ethereum in users?
Polygon's Level-2 blockchain, which is Ethereum's scaling platform, attracted almost as many new cryptocurrency users as Ethereum in 2023.
The number of new Polygon users reached 15.24 million last year, while Ethereum attracted 15.4 million users, or just 160 thousand more, according to blockchain analysts at Flipside.
At the same time, an acquired user was counted as a person who made at least two transactions on the blockchain, and one of them was recorded in 2023.
Flipside noted that Polygon topped out in the first half of the year, but Ethereum regained its position in the second half of the year.
"In January 2023, Polygon attracted a significant 2.8 million users, which proved to be a strong start and accounted for 40% of the total number of users attracted for the entire year," Flipside reported.
Polygon's popularity then proved to be slightly lower and naturally declined throughout the year, but the blockchain still significantly outperforms most other networks.
In third place after Ethereum and Polygon is Bitcoin with 10.65 million engaged users, followed by Solana and Arbitrum.
The eight blockchains tracked, including Optimism, Avalanche, and Base, have collectively attracted 62 million new users. According to Flipside, activity peaked in May and gradually declined in the second half of the year.
The start of the growth of new blockchain users in March coincided with the collapse of Silicon Valley Bank, after which users decided to entrust their assets to decentralized networks rather than centralized structures.
The Base network attracted a large number of followers shortly after its launch in August 2023, after which the growth of new users began to decline.
"Increased activity on the most popular networks toward the end of the year contributed to the decline in new Base users, as these networks offer more diverse applications for interaction in their ecosystems," the company explained. "However, given Coinbase's ongoing efforts to ensure an influx of new users, the next period of bullish growth in the crypto market may bode well for an increase in Base users."
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