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Ethereum and Polygon Appeal to Majority of New Customers: Flipside Report

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

The most recent 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 recent 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.

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

DeFi – Fundamental Driver of New Person Development

DeFi has emerged as the first catalyst for brand spanking new consumer 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. In reality, 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 prior 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.

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Though Arbitrum lagged considerably behind Ethereum and Polygon in buying new customers, it managed to safe a robust second place when it comes to new consumer 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 every day peak of $6.3 million in early January, in comparison with Arbitrum’s decrease every day excessive of $229,000 in mid-February.

New Person Development Exhibits Blended Ends in 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 recent customers primarily based on NFT exercise has displayed higher volatility relying on the community.

Whereas Polygon’s new consumer NFT buying and selling exercise has persistently 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 very best USD quantity of NFT transactions for the reason that starting of the yr. Ethereum’s every day quantity has remained persistently 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.

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