According to a recent report, Ethereum (ETH) scaling network Polygon (MATIC) experienced significant growth in 2023, attracting almost the same number of users as Ethereum itself. This data shows a remarkable rise of Polygon in the world of crypto.
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Polygon, the improved version of Ethereum?
According to the report by blockchain analytics firm Flipside, Polygon has gained an impressive number of users by 2023, putting it almost on equal footing with Ethereum in terms of user numbers.
That's how it works layer-2 Blockchain will reach 15.24 million visitors by 2023. Polygon has 160,000 fewer users than Ethereum’s 15.4 million.
Flipside defined an acquired user as someone who has made at least two transactions on a particular blockchain network. At least one of them had to have taken place last year. What still needs to be clarified is that Polygon overtook Ethereum as a pioneer in the first half of 2023. However, Ethereum was too strong in the second half of the year and remained the leader until the end of the year.
Strong growth in the number of blockchain users
The report goes into more detail about Polygon's growing adoption and highlights the platform's ability to attract users with its efficient and scalable infrastructure. Flipside also recognizes this: “Polygon started the year with an impressive 2.8 million acquired users in January, representing more than 40 percent of the network’s total number of acquired users in 2023.”
Additionally, it appears that the broader crypto market saw an increase of up to 62 million acquired users across eight different blockchain networks in 2023. Polygon plays an important role in this overall growth with its impressive performance.
“Polygon experienced the most consistent monthly decline in user acquisition over the year in relative terms, but still performed favorably compared to other networks,” the report said.
Bitcoin (BTC) took third place on the list with 10.65 million new users, and Solana (SOL) and Arbitrum (ARB) rounded out the top five.
Flipside further writes in the report that macroeconomic conditions have certainly influenced user numbers. “The number of acquired users began to rise in March, coinciding with the collapse of Silicon Valley Bank, which may have shaken trust in centralized institutions and fueled a flight to decentralized institutions,” the blockchain analytics firm writes.
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