The crypto industry had a remarkable year in 2024, with rising coin prices driving growth. However, when it comes to on-chain users across various networks, there’s still room for improvement. According to a report by Flipside, a blockchain growth platform, many chains are struggling to maintain or attract new users beyond just offering higher coin values.
One standout performer from last year was Base, a layer-2 network launched by Coinbase. Their user count experienced exponential growth in 2024, especially in October when they saw a record high of 19.4 million new users – an increase of 8 times compared to the previous month. This growth can partly be attributed to the fact that Base had only around 2 million active users in January but managed to acquire 13.7 million new users by October.
Moreover, Base’s super user count – defined as those who execute over 100 DeFi transactions – reached 15.1 million by October, which was 38.4% higher than the second-highest performing chain, Ethereum, with 10.7 million super users. It’s worth mentioning that this growth could also be linked to increasing institutional acceptance of cryptocurrencies and notable developments like Grayscale listing several new coins as “assets under consideration.”
While Bitcoin saw a 935,900 increase in acquired users monthly during its historic rally above $100,000 in 2024, it seems that much of this growth was driven by speculation rather than new user onboarding.
Furthermore, Bitcoin’s acquired user count dropped by 28.5% after the U.S. elections in November, indicating a possible correlation between political events and market sentiment. Uniswap continued to dominate DEX volumes across multiple chains last year, particularly on Base and Ethereum. Overall, these findings highlight both opportunities and challenges facing different blockchains in terms of attracting and retaining quality on-chain activity.
Source
As per reported by cryptopotato.com
