Polygon fell around 160,000 users shy of Ethereum’s 15.4 million in 2023.
Solana and Arbitrum completed the top five, with Bitcoin coming in third with 10.65 million.
Flipside, a blockchain analytics startup, reports that in 2023, Polygon gained almost as many cryptocurrency users as Ethereum. Although it fell around 160,000 users shy of Ethereum’s 15.4 million in 2023, the scaling solution Polygon reported 15.24 million gained users.
According to Flipside, a user is considered acquired if they have made two transactions on a certain blockchain, with one of those transactions occurring in the year 2023. Curiously, Polygon held the lead in the first half of 2023, but Ethereum eventually caught up and maintained it during the second part of the year.
Looking for Alternatives
According to Flipside, Polygon had 2.8 million new users in January alone, which is huge compared to the network’s entire user acquisition for 2023. From then, relative to other networks, Polygon’s monthly user acquisition declined the most consistently during the year, while it still fared better than others.
Moreover, Solana and Arbitrum completed the top five, with Bitcoin coming in third with 10.65 million gained users. Out of the eight blockchains that were monitored, 62 million users were obtained; this includes Optimism, Avalanche, and Base. User acquisition peaked in May, according to Flipside, and then steadily fell after that.
A rise in acquired users started in March, just around the time Silicon Valley Bank went bankrupt. This may have caused people to lose faith in centralized institutions and start looking for alternatives, the business said.