Flipside reports cryptocurrency users boom, defi over NFT focus in 2023

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The latest report by blockchain analysts Flipside unveils a complete view of the fluctuating crypto world in 2023, marked by important person development and evolving traits.

In line with the report, 2023 witnessed a peak in acquired person quantity in Might, recording over 8.8 million accounts lively throughout a number of chains. This synchronized development trajectory throughout most chains means that broader market sentiments proceed to steer crypto adoption.

A major remark is the exercise of tremendous customers, outlined as wallets with over 100 transactions. These customers predominantly engaged in DeFi-related transactions relatively than NFTs. Nonetheless, a pattern reversal is clear on L1 networks like Ethereum (ETH), the place promoting NFTs was extra frequent, indicating a shift of NFT investments to less expensive L2 networks.

Users acquired by chain and month | Source: Flipside
Customers acquired by chain and month | Supply: Flipside

Flipside additionally reported that 2023 marked the rise of latest DEXs and NFT marketplaces, however person exercise remained focused on just a few main platforms resembling Uniswap and OpenSea.

This focus, pushed by community results like asset liquidity, underscores the relative immaturity of the crypto market in comparison with conventional finance. Tremendous customers additionally confirmed various preferences for secondary and tertiary DEXs, with a notable tilt in direction of promoting NFTs.

EVM customers predominantly interacted with a single chain, with a notable 86.9% sticking to 1 community. Nonetheless, a considerable phase explored a number of L2s, significantly between Polygon and different EVM-compatible layers, indicating a rising consolation with cross-chain interactions.

The report anticipates the following bull run to be pushed by various defi actions, difficult current L2s to decrease prices and improve person experiences. This competitors is anticipated to propel EVM adoption. The emergence of latest chains catering to particular person wants is probably going, resulting in extra specialised ecosystems and use instances.

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