The crypto industry has seen remarkable growth in 2024, particularly with rising coin prices. However, this growth hasn’t been consistent across all chains when it comes to on-chain users. According to a recent report from Flipside, a blockchain growth platform, there’s a need for networks to offer both quantity and quality of on-chain activity to attract users and turn them into high-value contributors.
While some chains like Base, the layer-2 network launched by Coinbase, experienced exponential growth in user count this year, other prominent networks like Bitcoin and some Ethereum-based layer-2 chains struggled to maintain their growth or even attract new users throughout the year. Base Emerges as a Top Performer Flipside’s report revealed that Base’s monthly acquired users skyrocketed by 56 times this year, with its newly acquired users surging to a record 19.4 million in October 2024.
This growth was largely driven by its success in attracting new users, as it contributed 13.7 million acquired users – nearly eight times more than the second-highest performing chain, Polygon. Additionally, Base saw impressive growth in its super users who executed over 100 decentralized finance (DeFi) transactions, reaching 15.1 million – a figure that was 38.4% higher than the next-best performing chain, Ethereum, which had 10.7 million super users.
Ethereum Also Sees Strong Performance Ethereum wasn’t far behind, though. Despite facing stiff competition from newer chains like Base, the second-largest crypto network averaged 1.56 million acquired users per month – outperforming its layer-2 networks Arbitrum and Optimism. Its DeFi-related super users totaled 10.9 million, significantly higher than Arbitrum and Optimism’s respective 6.2 million and 1.8 million user counts.
Institutional Acceptance Drives Some Chain Growth While some chains like Base and Ethereum saw impressive growth this year, others like Bitcoin didn’t fare as well when it came to acquiring new users. Despite bitcoin’s historic surge above the $100,000 level and the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, the network only saw 935,900 additional acquired users monthly – a figure that suggests widespread speculative activity rather than significant new user onboarding.
Uniswap Maintains Dominance Across Major Chains Decentralized exchange Uniswap managed to maintain and expand its dominance across major chains, particularly on Base and Ethereum. Despite facing stiff competition from newer exchanges like SushiSwap and PancakeSwap, Uniswap’s popularity remains unmatched within the DeFi ecosystem.
SPECIAL OFFER FOR CRYPTOPOTATO READERS:
Interested in exploring the world of cryptocurrency trading? Sign up for a free account on Binance using this link to receive an exclusive $600 welcome offer (full details). OR, if you’re looking for access to innovative trading tools and copy trading features, consider signing up for an account on Bybit using this link to take advantage of a limited-time offer: open a $500 FREE position on any coin!
Source
