According to Flipside’s “New EVM Users: Q1 Snapshot” report, Ethereum and Polygon maintain their dominance in attracting new users and increasing trading activity compared to newer Ethereum Virtual Machine (EVM) chains.

As of March 27, Ethereum had attracted 13.4 million new users, while Polygon had 12.3 million, collectively constituting around 70% of all new EVM users in the year thus far. In contrast, Arbitrum had onboarded 4.7 million users since the beginning of 2024.

While Ethereum’s mainnet continues to uphold its historical supremacy, Layer-2 protocols are witnessing a surge in data processing. Decentralized finance (DeFi) remains the primary draw for new users, with Ethereum leading in trading volume, amounting to $12 billion in Q1.

The report notes a steady increase in DeFi activity compared to the previous year, signifying a growing interest and involvement in DeFi among newcomers to the blockchain realm. Arbitrum secured the second position, experiencing a $9.5 billion surge since the start of 2024, attributed to heightened activity in its DeFi ecosystem. Meanwhile, Polygon’s significant new user influx is credited to a surge in non-fungible token (NFT) activity.

Base saw a notable increase in new users, with a record 243,000 added as of March 16. This growth, driven by Coinbase’s efforts to simplify cryptocurrency for beginners, represents a substantial expansion despite the chain’s dwindling activity in late 2023.

Despite Ethereum’s dominance, Base boasts the most evenly distributed app adoption among the six analyzed chains, indicating reduced early protocols’ first-mover advantages and preventing user consolidation around a single app.

Token swaps and bridging apps serve as typical entry points for new users on EVM chains, with Uniswap and Orbiter Finance leading the way on Ethereum and Base, respectively.

NFT trading activity across EVM chains presents a varied landscape, with steady increases on Ethereum and Base, contrasted by a significant decline on Polygon from its previous peaks. This fluctuation underscores the unpredictable nature of NFT interest and suggests a potential shift away from NFT dominance in the market narrative.

Moreover, the report underscores the influence of specific applications in directing user activity on different chains, such as Worldcoin (WLD) attracting many new users to Optimism, indicating sustained community interest in certain projects and potential ecosystem divergence compared to other EVM chains.

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Accounting giant EY introduced the EY OpsChain Contract Manager (OCM) on Wednesday, leveraging Ethereum’s blockchain technology. The platform aims to simplify complex business agreements, reduce costs, and enhance security.

EY OCM addresses challenges in managing agreements across different operational and technological domains, facilitating data synchronization among multiple parties. Through smart contracts, it enforces critical terms like standardized pricing, volume discounts, and rebates.

According to data from Zion Market Research, the global smart contracts market is expected to reach $1 billion by 2030, with a projected compound annual growth rate (CAGR) of approximately 24% between 2023 and 2030.

Operating on the Ethereum blockchain, EY OCM ensures decentralized operation within a dependable environment. Paul Brody, EY’s global blockchain leader, emphasized the advantages of deploying on a public blockchain, citing cost-effectiveness and scalability.

The platform operates through APIs, allowing seamless management of smart contract providers and enabling customized user interfaces. Initial pre-built contracting models include Power Purchase Agreements for renewable energy.

EY OCM automates policy enforcement, conducting real-time validation of contract terms and ensuring compliance. Any discrepancies trigger immediate notifications, preventing non-compliant transactions and maintaining fairness between parties.

EY’s involvement in blockchain extends beyond OCM. In October 2019, the company introduced a blockchain solution for governments to enhance transparency and accountability. Additionally, EY unveiled the Baseline protocol in March 2020, developed in collaboration with ConsenSys and Microsoft. More recently, in September 2021, EY announced its integration of Polygon with flagship blockchain services like EY OpsChain and EY Blockchain Analyzer.

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Worldcoin, Sam Altman’s ambitious crypto venture, faces a shortage of orbs, the biometric imaging devices used for iris scans in exchange for tokens.

Developed by Tools for Humanity, Worldcoin aims to enroll individuals worldwide into its financial system by securely verifying identities through iris scans. With soaring demand, the startup is ramping up silver orb production. Currently, there are only 300 to 500 orbs available, a significant constraint considering the project’s rapid uptake since its launch less than a year ago.

The World App, facilitating access to Worldcoins, boasts 10 million users across 160 countries and processes over seven transactions per second, making it one of the leading crypto wallets globally.

Despite their unassuming appearance, these orbs house advanced sensors to prevent counterfeit “World IDs,” ensuring each digital identity is linked to a genuine individual.

However, the unexpected queues for eye scans have posed logistical challenges, necessitating increased security and crowd control measures. This demand surge caught CEO Alex Blania off guard, leading to the need for robust teams in various markets sooner than anticipated.

Additionally, Worldcoin faces sign-up restrictions in certain countries due to regulatory and privacy concerns. US individuals cannot access the coins, while orb-verification services are temporarily halted in India, Brazil, and France.

Last week, Worldcoin unveiled a new blockchain on the Ethereum protocol, aiming to emancipate all humans. World Chain’s developer preview is imminent, with a full launch expected later this year. The project’s user transactions account for 44% of the activity on Optimism, an Ethereum Layer-2 scaling solution, establishing it as the largest application on the network.

With its growing community and transaction volume, Worldcoin is transitioning to a dedicated network to accommodate its scale and future growth.

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A recent report by Hashed Emergent highlights India’s thriving Web3 ecosystem, which now encompasses over 1,000 startups. Bengaluru, recognized as the technology hub, stands at the forefront of this industrial expansion.

These startups have collectively amassed funding exceeding $2.5 billion, showcasing significant growth and drawing substantial investor interest.

In 2023, despite a challenging funding climate, Indian Web3 startups managed to secure approximately $270 million in funding, marking an 81% decrease compared to 2022. However, the number of funding rounds remained consistent, indicating sustained focus on early-stage innovation within the Web3 sector.

Early-stage investors, including corporate venture capitalists (CVCs) and specialized funds, have been actively involved in funding rounds, supporting the emergence of new trends and projects in the Indian Web3 landscape.

Key Trends and Funding Sources in Indian Web3 Ecosystem

The report identifies several emerging trends within the Indian Web3 landscape, such as perpetual decentralized exchanges, platforms facilitating on-demand digital asset retrieval, middleware infrastructure projects, and modular scaling solutions.

Both domestic and international venture capital firms have contributed to funding the Indian Web3 ecosystem, with investors from the US, UAE, and Southeast Asia actively participating. Notable investors include Alpha Wave, Hashed Emergent, Coinswitch Ventures, and Coinbase Ventures.

India’s Growing Influence in Web3 Development

India has solidified its position in the global Web3 developer community, with its share increasing from 3% in 2018 to 12% in 2023. The developer community, characterized by its youthfulness, has witnessed significant growth, with female participation also on the rise.

In 2023, India added 3.5 million developers to Github, demonstrating one of the highest growth rates globally. While the US remains the leader in terms of Web3 developers, India has experienced a remarkable 300% surge in developers from 2018 to 2023.

Popular Use Cases and Cryptocurrency Holdings

Ethereum dominates the Indian Web3 landscape, particularly in infrastructure and DeFi projects. Solana and Polygon have gained popularity in consumer-centric sectors like gaming and social platforms.

Gaming and non-fungible tokens (NFTs) are the leading use cases for Web3 developers in India, attracting 31% of the workforce. Meme coins, including Dogecoin and Shiba Inu, maintain a strong presence in the Indian cryptocurrency market.

Regulatory Outlook and Future Developments

The report acknowledges a positive shift in India’s regulatory stance towards Web3, with regulators demonstrating a better understanding of blockchain technology. However, uncertainties persist regarding existing regulations and banking policies, prompting some Indian Web3 projects to relocate overseas.

Hashed Emergent anticipates India to adopt a dual regulatory strategy for Web3, collaborating with the G20 to establish international consensus while implementing targeted domestic regulations tailored to the needs of its growing ecosystem.

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