Flipside analysts have reported that the Polygon network boasts 15.24 million users, coming in just 160,000 users shy of Ethereum’s 15.4 million user count. Flipside experts define a Polygon user as someone who has conducted at least two transactions on the network, with at least one transaction taking place in 2023.
During the first half of the previous year, Polygon held the lead, but eventually relinquished its position to the second-ranked cryptocurrency. Bitcoin secured the third spot, while Solana and Arbitrum completed the top five.
“Polygon had a remarkably successful start to 2023, attracting 2.8 million users, which accounted for approximately 40% of all new users that year. Although the rate of user attraction began to decline thereafter, it still outperformed most other networks. Overall, user influx was observed from March onwards, following the decline in trust towards centralized companies caused by the Silicon Valley Bank’s collapse,” the researchers noted.
Regarding the Base network launched by American exchange Coinbase, it witnessed a notable surge in new users upon its introduction in August. However, this trend dwindled significantly by the end of 2023. Analysts anticipate that the network will excel during the start of a new bull cycle, as Coinbase could serve as a “gateway” for many new users venturing into the world of cryptocurrencies.
It was recently revealed that the number of Web3 users experienced a 124% increase in 2023.