Crypto noticed 62 million acquired customers throughout eight chains in 2023: Flipside report


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 way of extremes, with on-chain exercise and person sentiment swinging wildly all through the final 12 months … however finally, the previous many months have concluded on a excessive observe, 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 not less than 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 essentially 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 under:

Blockchain acquired customers, through Flipside Crypto

Flipside famous that person acquisition peaked in Could 2023 as 5.8 million customers executed their second on-chain transaction on numerous 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 steadily dropped off after Could earlier than rising once more in December.

It additionally famous particular traits for every blockchain. Flipside stated that Polygon (MATIC) set a file 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 attributable to 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, based on the report, the chain noticed lesser progress towards the top 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 recommended that the following exercise cycle will equally be dominated by numerous DeFi actions moderately than NFT buying and selling. Flipside recommended 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 possible work together with a number of chains at an elevated charge in 2024, although most will proceed to have interaction 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 multiple chain in 2023 had been a minority, those that did so largely interacted with Layer 2s.

It added that larger transaction charges through the crypto market’s subsequent bull run might drive Layer 2 networks to decrease their prices for finish customers competitively. This might, in flip, improve 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 various use circumstances.