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The recent report from blockchain analysts Flipside reveals a comprehensive picture of the fluctuating crypto world in 2023, characterized by significant user growth and evolving trends.
According to the report, May 2023 witnessed a spike in the number of acquired users, with over 8.8 million accounts active across multiple chains. This synchronized growth trajectory across most chains suggests that broader market sentiments continue to drive cryptocurrency adoption.
An important observation is the activity of super users, defined as wallets with more than 100 transactions. These users mainly engaged in DeFi-related transactions rather than NFTs. However, a trend reversal is visible on L1 networks such as Ethereum (ETH), where sales of NFTs have been more common, indicating a shift in NFT investments towards more cost-effective L2 networks.
Users acquired per chain and month | Source: Flipside
Flipside also reported that 2023 marked the rise of new DEXs and NFT marketplaces, but user activity remained concentrated on a few leading platforms such as Uniswap and OpenSea.
This concentration, driven by network effects such as asset liquidity, underlines the relative immaturity of the crypto market compared to traditional financial markets. Super users also showed different preferences for secondary and tertiary DEXs, with a notable tendency towards selling NFTs.
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EVM users primarily interacted with a single chain, with a notable 86.9% sticking to one network. However, a significant segment explored multiple L2s, especially between Polygon and other EVM-compatible layers, indicating growing comfort with cross-chain interactions.
The report expects the next bull run to be driven by various defi activity, challenging existing L2s to reduce costs and improve user experiences. This competition is expected to drive EVM adoption. The emergence of new chains that address specific user needs is likely, leading to more specialized ecosystems and use cases.
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