Despite rising coin prices, the number of on-chain users across most relevant crypto networks didn’t see significant growth in 2024. However, there were some notable exceptions like Base, which saw its user count grow by leaps and bounds. According to a report by Flipside, Base’s monthly acquired users increased by an astonishing 56 times this year, with their user base reaching a record 19.4 million in October alone.
This growth can partly be attributed to the increasing institutional acceptance of cryptocurrencies and major developments like Grayscale listing several new coins as “assets under consideration.” It’s clear that these factors played a role in driving up user activity on certain chains like Base. On the other hand, Bitcoin failed to keep pace with its peers when it came to onboarding new users.
While it did see an uptick in acquired users during its major rally in March, that number plummeted by 28.5% after the U.S. elections in November. This suggests that much of Bitcoin’s growth during these periods was driven by speculation rather than genuine user adoption. Interestingly, decentralized exchanges like Uniswap continued to dominate across various chains, particularly on Base and Ethereum.
Overall, the report serves as a reminder of the importance of offering both quantity and quality on-chain activity if networks hope to attract and retain users in the long run.
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