The recent report from blockchain analysts Flipside reveals a comprehensive view of the fluctuating world of cryptocurrencies in 2023, marked by significant user growth and evolving trends.
According to the crypto-users-yv2zCa” data-type=”link” data-id=”https://flipsidecrypto.xyz/flipcomm/crypto-users-yv2zCa” target=”_blank” rel=”noopener”>report2023 saw a peak in the volume of users acquired in May, recording more than 8.8 million active accounts across multiple chains. This trajectory of synchronized growth across most chains suggests that broader market sentiments continue to drive cryptocurrency adoption.
An important observation is the activity of super users, defined as wallets with more than 100 transactions. These users predominantly engaged in DeFi-related transactions rather than NFTs. However, a trend reversal is evident in L1 networks such as ethereum (eth), where nft sales were more common, indicating a shift from nft investments towards more profitable L2 networks.
<img decoding="async" width="1472" height="846" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-24-at-20.22.00.png” alt=”Users acquired by chain and month | Source: Another face”/>
Flipside also reported that 2023 marked the emergence of new DEX and nft marketplaces, but user activity remained concentrated on a few leading platforms like Uniswap and OpenSea.
This concentration, driven by network effects such as asset liquidity, underscores the relative immaturity of the cryptocurrency market compared to traditional finance. Super users also showed varying preferences for secondary and tertiary DEXs, with a notable bias toward selling NFTs.
EVM users predominantly interacted with a single chain, with a notable 86.9% sticking to one network. However, a substantial segment explored multiple L2s, particularly between Polygon and other EVM-compatible layers, indicating a growing comfort with cross-chain interactions.
The report anticipates that the next bull run will be driven by various defi activities, challenging existing L2s to reduce costs and improve user experiences. This competition is expected to drive the adoption of EVMs. New chains are likely to emerge that meet specific user needs, leading to more specialized ecosystems and use cases.
