In a striking development within the blockchain world, Polygon, known for its Layer-2 scaling solutions for Ethereum, has almost matched Ethereum in terms of user acquisition in 2023. This significant milestone reflects a growing trend in the blockchain industry, where emerging platforms are rapidly gaining traction.
According to a report by blockchain analytics firm Flipside, Polygon acquired 15.24 million users in 2023, just shy of Ethereum's 15.4 million. This near-parity is particularly noteworthy given Ethereum's longstanding dominance in the sector. Flipside's criteria for an "acquired" user include conducting at least two transactions on a blockchain, with at least one occurring in 2023.
Polygon's strong start to the year was highlighted, with over 40% of its total users acquired in January alone. Despite a consistent decline in monthly user acquisition over the year, Polygon's performance remained robust compared to other networks.
In comparison, Bitcoin ranked third with 10.65 million acquired users. The top five was rounded out by Solana and Arbitrum. In total, eight blockchains tracked by Flipside, including Optimism (OP), Avalanche (AVAX), and Base (BASE), accounted for 62 million acquired users. The report noted that user acquisition peaked in May before gradually declining.
The report also touched on the broader market context, suggesting that events like the collapse of Silicon Valley Bank might have played a role in driving users towards decentralized alternatives. The increased user base for established chains towards the end of the year was attributed to their more robust and diverse app ecosystems.
This user growth trajectory indicates a significant shift in the blockchain landscape. As platforms like Polygon continue to evolve and gain user confidence, they challenge the traditional dominance of networks like Ethereum, signaling a more competitive and diverse blockchain ecosystem.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.