In 2023, the latest findings from blockchain analysts at Flipside provide a detailed look at the ever-changing world of cryptocurrency, showcasing significant user growth and shifting trends.
The report reveals that May 2023 saw a peak in the number of acquired users, with over 8.8 million active accounts spread across various chains. This synchronized growth trend across most chains indicates that overall market sentiments are continuing to drive the adoption of cryptocurrencies.
A notable finding is the activity of super users, identified as wallets with over 100 transactions. These users were primarily involved in DeFi transactions rather than NFTs. However, there has been a noticeable shift on L1 networks like Ethereum (
ETH
), where selling NFTs has become more common, signaling a movement of NFT investments towards more cost-effective L2 networks.
The report also highlights the emergence of new decentralized exchanges (DEXs) and NFT marketplaces in 2023, although user activity remained concentrated on key platforms such as Uniswap and OpenSea. This concentration, influenced by network effects like asset liquidity, underscores the relatively young nature of the crypto market compared to traditional finance. Super users also displayed preferences for secondary and tertiary DEXs, with a focus on selling NFTs.
Interestingly, a large majority of EVM users interacted primarily with a single chain, with 86.9% sticking to one network. However, a significant portion explored multiple L2s, especially between
Polygon
and other EVM-compatible layers, demonstrating a growing comfort with cross-chain interactions.
Looking ahead, the report predicts that the next surge in cryptocurrency value will be driven by a variety of DeFi activities, prompting existing L2 solutions to lower costs and improve user experiences. This competition is expected to boost EVM adoption, with new chains likely to emerge to cater to specific user needs, resulting in more specialized ecosystems and use cases.
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