[NEWS] Polygon to close in on Ethereum in user acquisition numbers in 2023, topping the list under certain conditions

It has been discovered that Polygon (MATIC), a layer 2 scaling network, has acquired almost the same number of users as Ethereum (ETH) in 2023. This was discovered by a survey by blockchain analysis company Flipside.

In 2023, Ethereum attracted 15.4 million users, while Polygon acquired 15.24 million users. The difference is only about 160,000.

Ethereum processes up to 15 transactions per second, while Polygon can process up to 7,000 transactions per second. Since network fees (gas fees) are also much cheaper than Ethereum, it is often used in the NFT field, etc.

Flipside defines users as those who have made at least two transactions on a specific blockchain. Therefore, if users who have only made one transaction are added, Polygon will surpass Ethereum and take first place.

In the first half of 2023, Polygon was in the lead in terms of user acquisition, but Ethereum overtook it in the second half and towards the end of the year.

In January of last year, Polygon acquired about 2.8 million users, which was about 40% of the total number of users that year. According to Flipside data, Bitcoin was in third place with about 10.65 million users. Solana (SOL) and Arbitrum (ARB) followed in fourth and fifth place, respectively.

In addition, aggregated data tracking eight blockchains, including Optimism (OP), Avalanche (AVAX), and Base, revealed that they had acquired a total of about 62 million users.

Flipside reported that user acquisition peaked in May and has been gradually declining since then. It pointed out that the rise in user acquisition that began in March is related to the collapse of Silicon Valley Bank. Following this event, it is possible that trust in centralized financial organizations has weakened, leading users to migrate to decentralized storage systems.

Attention on the expansion of the base

As for Blockchain Base, which is the focus of Coinbase, a major US cryptocurrency exchange, the number of new users was accelerating at the time of its release in August last year, but it seems that the number of users has decreased significantly toward the end of the year.

Nevertheless, it is predicted that Base will attract many new users as it has the potential to become a gateway to crypto assets through a bullish cycle in the future.

Reference:Research announcement
Image: Shutterstock

Related articles

Ethereum's next major upgrade "Denkun" to be implemented in the second testnet

Polygon announces "Polygon Village 2.0", a grant program with over 110 million MATIC