Polygon Rivals Ethereum in New User Acquisition for 2023

In a surprising turn of events, Polygon has emerged as a strong contender against Ethereum, one of the leading blockchain platforms in the world, in the race for new user acquisition. According to a report by Flipside, in 2023, Polygon recorded a remarkable 15.24 million new user accounts, closely trailing behind Ethereum, which had 15.4 million new accounts.

The definition of new users in this context includes wallets that conducted a minimum of two transactions within a specific blockchain. Polygon initially surged ahead of Ethereum in the first half of the year, with an impressive 2.8 million new users in January alone, constituting over 40% of the network's total for 2023.

Bitcoin's blockchain secured the third position with 10.65 million new user accounts. Solana and Arbitrum rounded up the top five leaders in new user acquisition.

The influx of new users into various networks saw a total of 62 million users joining the eight investigated protocols. Analysts noted that this growth coincided with the collapse of Silicon Valley Bank in March, which possibly eroded trust in centralized organizations and triggered a shift towards decentralized alternatives.

It's worth noting that Polygon's Layer 2 solution, Base, was only launched in August 2023 but still managed to amass 1.94 million new user accounts. The data from Flipside suggests that user engagement with a single blockchain was prevalent, with 85% of wallets interacting exclusively with one blockchain. Additionally, "super users" with over 100 transactions purchased more NFTs than they sold.

This achievement highlights Polygon's rapid growth and its increasing importance in the blockchain ecosystem, setting the stage for a promising year ahead in terms of user acquisition and network expansion.