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Ethereum and Polygon Attract Majority of New Users: Flipside Report

Ethereum and its Layer 2 scaling solution, Polygon, attracted the most new users by far in the first quarter of 2024.

The latest report by Flipside revealed that these two blockchain platforms have garnered the most cumulative new users among observed EVM chains since the beginning of the year.

Polygon boasted 12.3 million new users, and Ethereum had 13.4 million – roughly 70% of new users this year across all observed chains as of March 27. Next up was Arbitrum, recording the most new users (4.7 million) during the same period.

Taking into account Ethereum and Polygon’s extensive history compared to most EVM chains, it’s not surprising that they hold significant dominance. In relative terms, the growth in new user volume for Ethereum and Polygon was only 298.3% and 359.7%, respectively, between January and March 2024, which places them in the middle of the pack among all observed chains, Flipside said in its report.

DeFi – Main Driver of New User Growth

DeFi has emerged as the primary catalyst for new user expansion across various chains this year. Among all monitored EVM chains, DeFi trade volume has surged since the beginning of the year.

Ethereum leads with a cumulative $1 billion in trade volume, with its busiest trading day recorded on March 5, when figures exceeded $428 million. In fact, March proved to be the most active trading period across all observed chains.

While DeFi trading activity on Optimism and Arbitrum experienced slight declines in the past week, overall, DeFi activity has displayed a consistent upward trajectory. This stands in stark contrast to the erratic market fluctuations experienced throughout much of 2023.