Ethereum Virtual Machine, or EVM (formerly known as Polygon) and Ethereum maintain their leadership over the more recent Ethereum Virtual Machine.EVMFlipside’s findings reveal that ) chain in increasing trading volume and attracting new customers. “New EVM Users: Q1 Snapshot” report.
Polygon and Ethereum both had 13,4 million users as of March 27. This represents roughly 70% of all new EVM users in 2018. Arbitrum, on the other hand, has gained 4.7 millions users since 2024.
Layer-2 protocols process more data than Ethereum’s Mainnet, which maintains its historic dominance. Ethereum leads in the trading volume with $12 billion, a sign of decentralized finance.
DeFi’s upward trend contrasted the intermittent and volatile fluctuations of previous years, which indicated a growing level of interest among newcomers in the blockchain world.
Arbitrum came in second place, with $9.5billion of gains since the start of 2024. Flipside attributes this landmark to the increased activity of new users in Arbitrum’s defi sector. Polygon’s large number of new users is attributed to increased non-fungible coin (NFT) trading.
On March 16, there were a total of 243,000 newly registered users. Base Since January, the number of new users has almost octupled. Coinbase’s Cryptocurrency simplified for beginners
“While this still puts Base far behind the leading EVM chains in terms of overall new user volume, it nonetheless represents impressive growth, particularly since the chain’s activity waned during the final months of 2023,” The report said.
This report states that this surge is in line with Bitcoin’s new record high, and it represents the largest single-day number of new users among EVM chains so far in 2018.
A significant number of newly-registered users use a variety of applications that are decentralized (dAppsThe analysis found that Ethereum did not have the most evenly distributed app adoption amongst the six analyzed chains. The analysis showed that Ethereum had the least evenly distributed adoption of apps amongst the six chains analyzed.
“This distinction goes to Base, where the difference in new user volume between the chain’s 1 and 2 apps was only 16.9%, compared to Ethereum’s ~300%.”
“The fact that Base is relatively new likely reduced early protocols’ first mover advantage and consequent network effects, preventing user consolidation around a single app.”
New users are usually attracted to EVM chains by token swaps or bridging apps. Uniswap is the leader on Ethereum while Orbiter Finance leads on Base.
Flipside’s additional insights reveal more. NFT Trading activity on EVM chains was muddled.
The trading of NFTs by new users on Ethereum, Base and Polygon has increased consistently. However, it has declined dramatically from the early peak. This variation shows the fluctuating nature of NFTs. It also suggests they will not dominate the narrative on the next cycle.
The report also highlighted the importance of certain applications for directing users’ activity across various chains. Many new Optimism (WLD) users have been lured over to Worldcoin, indicating a strong community commitment.
“This remarkable statistic, along with Optimism’s low DeFi and NFT trading volume relative to other observed chains, may reflect a potential divergence between Optimism’s ecosystem evolution relative to other EVM chains.”
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
