- Polygon (MATIC), a layer-2 scaling community, almost matched Ethereum’s person base in 2023, with vital progress in NFT gross sales and total person acquisition.
- Ethereum maintained its lead, particularly in the second half of 2023, however Polygon’s shut efficiency indicators a shift in person conduct and crypto market dynamics.
In a current report from CNF, it was highlighted that Polygon (MATIC) achieved a historic milestone by surpassing Ethereum (ETH) in 24-hour NFT gross sales. This marks a big achievement for the layer-2 (L2) community. In response to blockchain analytics agency Flipside Crypto, after the launch of Base in August 2023, Polygon almost matched Ethereum in phrases of crypto person acquisition in 2023.
Knowledge from Bitget reveals that Polygon, an Ethereum scaling solution, boasted 15.24 million customers acquired in 2023, simply roughly 160,000 wanting Ethereum’s 15.4 million. In a current tweet, Flipside Crypto, a agency specializing in on-chain information evaluation, means that not solely has sentiment modified lately, however person conduct is shifting, impacting the crypto markets.
Is the bull is de facto right here? How can we inform?
Knowledge.
Sentiment is not the one factor that is modified currently. In response to the information, person conduct is shifting — and with it, crypto markets.
We cowl all of it in The Onchain Crypto User Report 🧵📊👇 pic.twitter.com/IsclNOZhJk
— Flipside 📊 (@flipsidecrypto) January 25, 2024
Apparently, Polygon led in user acquisition for the first half of 2023 however was finally overtaken by Ethereum, which retained the lead by way of the second half of the yr. The agency means that optimism throughout extra established chains towards the top of the yr could have contributed to a decline in Polygon’s user growth. It is because networks like Ethereum had extra strong and numerous app ecosystems for customers to have interaction with.
Nonetheless the following bull run could bode effectively for Base’s person progress, given Coinbase’s efforts to function a crypto gateway for brand new customers.
At current, as indicated in the graph under, Polygon is buying and selling at $0.7353, marking a rise of 1.03% in the previous day, following a lower of 6.03% in the previous week.
For my part, the exceptional surge in Polygon’s person base in 2023, almost matching that of Ethereum, underscores a big shift in the blockchain panorama and highlights the rising prominence of layer-2 networks in the crypto ecosystem.
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