NEW: Polygon’s Remarkable Surge Challenges Ethereum’s Dominance in 2023

2023 marked a landmark year for Polygon, as it rivaled Ethereum in acquiring crypto users, based on a report by Flipside. Polygon, a Layer-2 scaling solution for Ethereum, recorded a staggering 15.24 million users, narrowly trailing behind Ethereum’s 15.4 million. Flipside’s definition of an acquired user includes anyone who performed at least two transactions, with one in 2023.

Despite a slow decline over the year, Polygon’s January surge was notable, contributing to over 40% of its annual user growth. This surge reflects Polygon’s growing appeal in the crypto community, challenging Ethereum’s long-standing dominance.

Overall, the crypto market saw significant user engagement, with Bitcoin, Solana, and Arbitrum rounding out the top five networks. The year witnessed a total of 62 million new users across major blockchains, indicating a robust interest in decentralized solutions, particularly following the Silicon Valley Bank collapse. As the crypto landscape evolves, Polygon’s strong performance signifies a shifting dynamic in user preferences and network utilizations.

Twitter

78.1K Reads