Ethereum and Polygon Entice Majority of New Customers: Flipside Report

Ethereum and its Layer 2 scaling answer, Polygon, attracted probably the most new customers by far within the first quarter of 2024.

The newest report by Flipside revealed that these two blockchain platforms have garnered probably the most cumulative new customers amongst noticed EVM chains for the reason that starting of the yr.

Polygon boasted 12.3 million new customers, and Ethereum had 13.4 million – roughly 70% of latest customers this yr throughout all noticed chains as of March 27. Subsequent up was Arbitrum, recording probably the most new customers (4.7 million) throughout the identical interval.

Bearing in mind Ethereum and Polygon’s in depth historical past in comparison with most EVM chains, it’s not stunning that they maintain important dominance. In relative phrases, the expansion in new person quantity for Ethereum and Polygon was solely 298.3% and 359.7%, respectively, between January and March 2024, which locations them in the course of the pack amongst all noticed chains, Flipside mentioned in its report.

DeFi – Principal Driver of New Consumer Development

DeFi has emerged as the first catalyst for brand new person growth throughout numerous chains this yr. Amongst all monitored EVM chains, DeFi commerce quantity has surged for the reason that starting of the yr.

Ethereum leads with a cumulative $1 billion in commerce quantity, with its busiest buying and selling day recorded on March 5, when figures exceeded $428 million. Actually, March proved to be probably the most energetic buying and selling interval throughout all noticed chains.

Whereas DeFi buying and selling exercise on Optimism and Arbitrum skilled slight declines up to now week, general, DeFi exercise has displayed a constant upward trajectory. This stands in stark distinction to the erratic market fluctuations skilled all through a lot of 2023.

Though Arbitrum lagged considerably behind Ethereum and Polygon in buying new customers, it managed to safe a robust second place by way of new person buying and selling quantity, amassing $9.5 billion for the reason that begin of 2024. This distinction in efficiency was attributed to Polygon’s excessive NFT buying and selling quantity this yr, which hit a day by day peak of $6.3 million in early January, in comparison with Arbitrum’s decrease day by day excessive of $229,000 in mid-February.

New Consumer Development Exhibits Blended Leads to NFT

New customers’ engagement in NFT exercise has proven “blended” patterns, with the 2 largest chains experiencing contrasting traits. Compared to DeFi, the expansion of latest customers primarily based on NFT exercise has displayed better volatility relying on the community.

Whereas Polygon’s new person NFT buying and selling exercise has constantly decreased for the reason that begin of the yr, exercise on Ethereum and Base, alternatively, has steadily risen. Throughout all different chains, NFT buying and selling has fluctuated from week to week with none clear sample.

Ethereum and Polygon have maintained the best USD quantity of NFT transactions for the reason that starting of the yr. Ethereum’s day by day quantity has remained constantly above $1 million since January 1st, whereas Polygon’s peaked in early January at over $6 million earlier than declining to lower than $500,000.