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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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  • Blockchain
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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
    • Bitcoin
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Carrieverse and Disney Ink Content Deal

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    CryptoPunks Dominate Top Weekly NFT Sales amid Overall Market Sales Volume Surges 34.19% to $133.66 Million

    Volume Plunges While Transactions Soar

    Volume Plunges While Transactions Soar

    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

    Boxed Memecoins as Collectible Toys

    Boxed Memecoins as Collectible Toys

    Hype fades as NFT platforms lose users

    Hype fades as NFT platforms lose users

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    OpenSea Revolutionizes Mobile Trading with Rally Wallet Acquisition

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

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    R-Games and LoveBit Unite to Power ESG-Driven Web3 Gaming

    R-Games and LoveBit Unite to Power ESG-Driven Web3 Gaming

    Elon Musk’s xAI Launches Waifu Companions for Grok

    Elon Musk’s xAI Launches Waifu Companions for Grok

    Web3 Meets the Stadium: The Rise of Competitive Ownership

    Web3 Meets the Stadium: The Rise of Competitive Ownership

    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

    Qitmeer Network Forges Partnership with Onmi to Bolster Web3 GameFi Space

    Qitmeer Network Forges Partnership with Onmi to Bolster Web3 GameFi Space

    Why Are So Many Crypto Games Shutting Down? Experts Weigh In

    Why Are So Many Crypto Games Shutting Down? Experts Weigh In

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    The Real Lifestyle and WILDGO Partner to Transform Tokenized Real Estate

    ChatGPT vs X: Who Sees Crypto Narratives First?

    ChatGPT vs X: Who Sees Crypto Narratives First?

  • Blockchain
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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
    What Is Copy Trading in Crypto? A Beginner’s Guide

    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

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    A Full Comparison of Layer 2 Solutions

    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Home Blockchain

Ethereum and Polygon Attract Majority of New Users: Flipside Report

April 8, 2024
in Blockchain
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Ethereum and Polygon Attract Majority of New Users: Flipside Report
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Ethereum and its Layer 2 scaling solution, Polygon, attracted the most new users by far in the first quarter of 2024.

The latest report by Flipside revealed that these two blockchain platforms have garnered the most cumulative new users among observed EVM chains since the beginning of the year.

Polygon boasted 12.3 million new users, and Ethereum had 13.4 million – roughly 70% of new users this year across all observed chains as of March 27. Next up was Arbitrum, recording the most new users (4.7 million) during the same period.

Taking into account Ethereum and Polygon’s extensive history compared to most EVM chains, it’s not surprising that they hold significant dominance. In relative terms, the growth in new user volume for Ethereum and Polygon was only 298.3% and 359.7%, respectively, between January and March 2024, which places them in the middle of the pack among all observed chains, Flipside said in its report.

DeFi – Main Driver of New User Growth

DeFi has emerged as the primary catalyst for new user expansion across various chains this year. Among all monitored EVM chains, DeFi trade volume has surged since the beginning of the year.

Ethereum leads with a cumulative $1 billion in trade volume, with its busiest trading day recorded on March 5, when figures exceeded $428 million. In fact, March proved to be the most active trading period across all observed chains.

See also  BendDAO Unveils BRC-20 Service to Bridge BRC-20 and ERC-20 Liquidity

While DeFi trading activity on Optimism and Arbitrum experienced slight declines in the past week, overall, DeFi activity has displayed a consistent upward trajectory. This stands in stark contrast to the erratic market fluctuations experienced throughout much of 2023.

Although Arbitrum lagged significantly behind Ethereum and Polygon in acquiring new users, it managed to secure a strong second position in terms of new user trading volume, amassing $9.5 billion since the start of 2024. This difference in performance was attributed to Polygon’s high NFT trading volume this year, which hit a daily peak of $6.3 million in early January, compared to Arbitrum’s lower daily high of $229,000 in mid-February.

New User Growth Shows Mixed Results in NFT

New users’ engagement in NFT activity has shown “mixed” patterns, with the two largest chains experiencing contrasting trends. In comparison to DeFi, the growth of new users based on NFT activity has displayed greater volatility depending on the network.

While Polygon’s new user NFT trading activity has consistently decreased since the start of the year, activity on Ethereum and Base, on the other hand, has steadily risen. Across all other chains, NFT trading has fluctuated from week to week without any clear pattern.

Ethereum and Polygon have maintained the highest USD volume of NFT transactions since the beginning of the year. Ethereum’s daily volume has remained consistently above $1 million since January 1st, whereas Polygon’s peaked in early January at over $6 million before declining to less than $500,000.

Tags: AttractEthereumFlipsideMajorityPolygonReportUsers

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NFTs Are Dead (But They’re Changing Everything)

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