Flipside recently provided a very lively depiction of the 2023 crypto sphere in its report that also reveals an increase in the number of users and some interesting changes which have occurred. 8.8 million new accounts were registered across the different chains in May of that year, revealing underlying market forces driving adoption.
It is very interesting to note that “super users” (wallets performing more than 100 transactions) preferred DeFi activities while NFT sales dominated the ETH. This implies a shift of NFT investments to the less costly L2 chains.
Having been replaced by the new DEXs and NFT marketplaces, Uniswap and OpenSea continued to attract many users that attest network effects shaping activity trends in a relatively young cryptocurrency niche. Additionally, the super users’ different preferences in the tertiary DEXs and especially for NFT sales emphasize this particular pattern.
The majority of EVM users were bound to single chains (86.9%), but they grew more familiar with crossing-chain exploration, especially between the Polygon and other Ethereum Virtual Machine compatible layers.
Moving forward, Flipside forecasts that the next bull run will be forced by other activities in DeFi pushing L2 to adapt to cost and user interface. This competition promises to accelerate the EVM adoption, as well as create chains that cater towards very specific users.
Also read: Solana & ICP Surge 49% Against BTC Post SEC Securities Label