Despite the overall growth of the crypto industry in 2024, on-chain user activity didn’t see a corresponding increase across most chains. A report by Flipside showed that while some networks like Base saw exponential growth in user count, others like Bitcoin barely registered any growth in new users.
The reason for this discrepancy could lie in the increasing institutional acceptance of cryptocurrencies, as well as notable developments such as Grayscale listing new coins as “assets under consideration.” However, it seems that there was more speculative activity among existing users rather than significant onboarding of new ones.
Interestingly, Uniswap managed to maintain its dominance across major chains, particularly on Base and Ethereum. While Ethereum saw impressive growth in user activity compared to its layer-2 networks like Arbitrum and Optimism, it still trailed behind Base when it came to acquiring new users. Overall, the report highlights the need for networks to focus on offering both quantity and quality of on-chain activity if they want to attract users and turn them into high-value contributors.
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