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 not too long ago has been fluctuating via extremes, with on-chain exercise and person sentiment swinging wildly all through the final yr … however finally, the previous many months have concluded on a excessive notice, with person progress and exercise surging throughout practically each main chain.”
Flipside notably noticed progress in acquired customers, outlined as customers which have carried out at the very 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 yr.
Bitcoin, in the meantime, noticed 10.7 million acquired customers over 2023. Different chains noticed significantly much less progress, as seen beneath:
Flipside famous that person acquisition peaked in Might 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 providers and pushed customers to decentralized options. Flipside added that person acquisition step by step dropped off after Might earlier than rising once more in December.
It additionally famous particular developments for every blockchain. Flipside stated that Polygon (MATIC) set a report 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 lots of of hundreds of customers, doubtless on account of airdrops.
Lastly, Flipside famous that Coinbase’s Layer 2 community, Base, noticed a powerful begin with 633,000 customers within the month of its launch, August 2023. Nevertheless, in response to the report, the chain noticed lesser progress towards the top of the yr.
Predicted developments for 2024
In predicting future developments, Flipside famous that 2023 noticed a decline in NFT-related exercise and a shift towards to decentralized finance (DeFi) exercise.
As such, it prompt that the subsequent exercise cycle will equally be dominated by varied DeFi actions reasonably than NFT buying and selling. Flipside prompt that decentralized trade (DEX) buying and selling and yield farming will proceed to be predominant functions. Moreover, it predicted the rise of latest DeFi functions such because the Ethereum restaking protocol Eigenlayer.
The corporate stated customers will doubtless 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 had been a minority, those that did so largely interacted with Layer 2s.
It added that greater transaction charges throughout the crypto market’s subsequent bull run might drive Layer 2 networks to decrease their prices for finish customers competitively. This might, in flip, enhance curiosity in associated governance tokens, it stated.
Lastly, Flipside predicted that new chains would launch in 2024 to fulfill new necessities and that these might provide specialization and numerous use instances.
