Bittime - Ethereum and Polygon continued to lead in user growth and trading activity in the first quarter of the year, according to the latest report from Flipside. Let's review the main findings of the report.
Ethereum and Polygon Dominate in Attracting New Users
According to a Flipside report, Ethereum and Polygon maintained their dominance by attracting the majority of new users in the Ethereum Virtual Machine (EVM) ecosystem.
On March 27, Ethereum recorded 13.4 million new users, while Polygon had 12.3 million, accounting for about 70% of the total new EVM users this year.
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Trading and Defi Activities on Ethereum
While Ethereum remains the leader in trading volume with $12 billion in Q1, Layer-2 protocols like Polygon are seeing increased activity.
Defi remains a major draw for new users, showing growing interest in the blockchain space .
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Arbitrum and Base Growth
Arbitrum ranks second in terms of trading volume with $9.5 billion in profits since the start of 2024. Meanwhile, Base has nearly doubled its number of new users since January, hitting a record 243,000 new users on March 16.
New User Diversification on Ethereum
New users on Ethereum interact with various decentralized applications (dApps). However, Ethereum does not have uniform application adoption among the six chains analyzed.
NFT Trading Activity Across EVM
NFT trading activity on Ethereum and Base continues to increase, while on Polygon it is experiencing a decline from its peak. This highlights the volatile interest in NFTs.
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The Role of Specific Applications in Directing User Activity
Token swap and bridge applications are the most common entry points for new users on the EVM chain. For example, Uniswap and Orbiter Finance dominate on Ethereum and Base.
The Flipside report provides deep insights into the growth and trends in the EVM ecosystem. While Ethereum remains dominant, projects like Polygon and Arbitrum are also experiencing significant growth, marking interesting diversity and dynamics in the crypto space.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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