The crypto industry had an amazing year in 2024, with soaring coin prices fueling massive growth. However, this wasn’t necessarily reflected in the number of active users on various chains. A report from Flipside, a blockchain growth platform, found that while some networks saw incredible growth, others struggled to keep up or even attract new users.
One standout performer was Base, a layer-2 network launched by the US crypto exchange Coinbase. According to the report, Base experienced exponential growth in user count throughout the year, with its monthly acquired users increasing by 56 times since January. In fact, by October 2024, Base had amassed a whopping 19.4 million new users – an all-time high for the network.
But it wasn’t just Base that saw impressive growth; Ethereum also played a significant role. While it didn’t quite match Base’s user acquisition rate, it still managed to attract millions of new users thanks to its robust ecosystem of decentralized applications (dApps). Furthermore, Ethereum’s DeFi-related super users – those executing over 100 transactions – totaled 10.9 million, easily outpacing competitors like Arbitrum and Optimism.
On the flip side, Bitcoin struggled to maintain its user base despite its own impressive run this year. While Bitcoin did see an increase in acquired users each month, the growth rate was relatively modest compared to other chains. Moreover, there were indications that much of this growth was driven by speculation rather than genuine interest in using the network for day-to-day activities.
Overall, the report highlights the importance of offering both quantity and quality on-chain activity if networks hope to attract and retain users in the long run. As we move forward into 2025 and beyond, it will be interesting to see how these trends continue to evolve and shape the future of the crypto industry.
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