Flipside Crypto reported that blockchain customers and exercise grew all through 2023 in a report shared with CryptoSlate on Jan. 25.
The analytics firm wrote:
“Crypto just lately has been fluctuating by means of extremes, with on-chain exercise and person sentiment swinging wildly all through the final 12 months … however in the end, the previous many months have concluded on a excessive be aware, with person development and exercise surging throughout practically each main chain.”
Flipside notably noticed development in acquired customers, outlined as customers which have carried out at the least two transactions on a blockchain.
One chart within the report signifies that eight main blockchains skilled 62 million acquired customers. The corporate famous that Ethereum (ETH) and Polygon (MATIC) noticed probably the most person acquisitions, every with about 15 million acquired customers over the 12 months.
Bitcoin, in the meantime, noticed 10.7 million acquired customers over 2023. Different chains noticed significantly much less development, as seen under:
Flipside famous that person acquisition peaked in Could 2023 as 5.8 million customers executed their second on-chain transaction on varied chains.
It added that person acquisition started to rise in March alongside the collapse of Silicon Valley Financial institution, which can have decreased belief in centralized monetary companies and pushed customers to decentralized options. Flipside added that person acquisition regularly dropped off after Could earlier than rising once more in December.
It additionally famous particular traits for every blockchain. Flipside mentioned that Polygon (MATIC) set a document for January by buying 2 million customers that month. It added that Avalanche (AVAX) noticed accounts surge in March to 481,000 amidst the launch of a euro stablecoin.
Moreover, Arbitrum (ARB) and Optimism (OP) attracted a whole lot of hundreds of customers, seemingly resulting from airdrops.
Lastly, Flipside famous that Coinbase’s Layer 2 community, Base, noticed a robust begin with 633,000 customers within the month of its launch, August 2023. Nevertheless, in line with the report, the chain noticed lesser development towards the tip of the 12 months.
Predicted traits for 2024
In predicting future traits, Flipside famous that 2023 noticed a decline in NFT-related exercise and a shift towards to decentralized finance (DeFi) exercise.
As such, it urged that the subsequent exercise cycle will equally be dominated by varied DeFi actions relatively than NFT buying and selling. Flipside urged that decentralized alternate (DEX) buying and selling and yield farming will proceed to be predominant purposes. Moreover, it predicted the rise of recent DeFi purposes such because the Ethereum restaking protocol Eigenlayer.
The corporate mentioned customers will seemingly work together with a number of chains at an elevated fee in 2024, although most will proceed to interact with only one chain.
Flipside additionally predicted that customers will more and more work together with Layer 2 networks in 2024. It famous that though customers who interacted with a couple of chain in 2023 have been a minority, those that did so largely interacted with Layer 2s.
It added that greater transaction charges through the crypto market’s subsequent bull run may drive Layer 2 networks to decrease their prices for finish customers competitively. This might, in flip, improve curiosity in associated governance tokens, it mentioned.
Lastly, Flipside predicted that new chains would launch in 2024 to fulfill new necessities and that these may supply specialization and various use circumstances.
