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 lately has been fluctuating by 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 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 12 months.
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 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 diminished belief in centralized monetary providers and pushed customers to decentralized options. Flipside added that person acquisition steadily dropped off after Could earlier than rising once more in December.
It additionally famous particular tendencies for every blockchain. Flipside mentioned 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 a whole lot of hundreds of customers, possible as a consequence 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 line with the report, the chain noticed lesser progress towards the tip of the 12 months.
Predicted tendencies for 2024
In predicting future tendencies, Flipside famous that 2023 noticed a decline in NFT-related exercise and a shift towards to decentralized finance (DeFi) exercise.
As such, it instructed that the subsequent exercise cycle will equally be dominated by varied DeFi actions quite than NFT buying and selling. Flipside instructed that decentralized alternate (DEX) buying and selling and yield farming will proceed to be predominant functions. Moreover, it predicted the rise of recent DeFi functions such because the Ethereum restaking protocol Eigenlayer.
The corporate mentioned customers will possible work together with a number of chains at an elevated charge 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 increased 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 satisfy new necessities and that these may provide specialization and various use instances.