🚀 Ethereum and Polygon Lead in New User Adoption During Q1 2024! 📈
🔍 As reported by CryptoPotato, Ethereum and its Layer 2 scaling solution, Polygon, have emerged as the top choices for new users in the first quarter of 2024. These two blockchain platforms have witnessed the highest influx of cumulative new users among observed EVM chains since the year's inception.
🌐 Polygon has welcomed a staggering 12.3 million new users, while Ethereum has seen an impressive addition of 13.4 million users. Together, they represent approximately 70% of all new users across observed chains as of March 27. Following closely is Arbitrum, attracting 4.7 million new users during the same period.
📊 Despite Ethereum and Polygon's established presence in the crypto space, their growth in new user volume experienced substantial increments, with Ethereum registering a 298.3% surge and Polygon boasting a 359.7% increase between January and March 2024. Notably, DeFi has served as a primary driver for this expansion, with Ethereum leading the pack with a cumulative $1 billion in trade volume.
💱 While DeFi activity on Optimism and Arbitrum witnessed minor dips in recent weeks, overall engagement has shown a steady upward trend, indicative of a maturing ecosystem. Arbitrum, despite trailing behind Ethereum and Polygon in new user acquisition, secured a robust position in terms of new user trading volume, totaling $9.5 billion since the year's commencement.
🎨 NFT activity among new users displayed varied trends, with Ethereum and Polygon showcasing contrasting patterns. While Polygon experienced a decline in NFT trading activity, Ethereum and Base observed consistent upticks. Both Ethereum and Polygon maintained dominance in USD volume for NFT transactions, with Ethereum consistently surpassing $1 million in daily volume since January 1st. Conversely, Polygon's peak in early January exceeded $6 million before tapering off to less than $500,000.
