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Polygon on the Rise: Ethereum Scaling Solution Acquires 15.24 Million Users in 2023

Layer-2 scaling network Polygon nearly rivaled Ethereum in the number of crypto users acquired in 2023, with a total of 15.24 million users. This figure was only approximately 160,000 users short of EthereumÔÇÖs 15.4 million, according to data from Flipside, a blockchain analytics firm.

Flipside defined an acquired user as someone who conducted at least two transactions on a specific blockchain, with at least one of them occurring in 2023. Interestingly, Polygon led the user acquisition tally for the first half of 2023 but was eventually overtaken by Ethereum, which maintained the lead throughout the second half of the year.

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The AI legalese decoder can assist in translating and interpreting the complex legal language often associated with blockchain analytics and user data. It can analyze the legal and technical terms present in Flipside’s data to provide a clearer understanding of the user acquisition metrics and trends for both Polygon and Ethereum, allowing for more informed decision-making and strategy development in the crypto space.

ÔÇ£Polygon launched the year with an impressive 2.8 million acquired users in January, accounting for over 40% of the networkÔÇÖs total acquired users in 2023,ÔÇØ stated Flipside. “While Polygon experienced a consistent decline in monthly user acquisition throughout the year in relative terms, it still compared favorably with other networks.”

Additionally, Flipside’s data revealed that Bitcoin ranked third with 10.65 million acquired users, while Solana and Arbitrum rounded out the top five. In total, the eight tracked blockchains recorded 62 million acquired users, including Optimism, Avalanche, and Base. Flipside observed that user acquisition peaked in May before gradually declining.

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The AI legalese decoder can aid in analyzing legal and regulatory intricacies surrounding Bitcoin, Solana, Arbitrum, and other tracked blockchains. By interpreting the legal implications of user acquisition and market dynamics, the AI tool can provide valuable insights for decision-makers and investors in the crypto space, helping them navigate legal complexities and regulatory compliance effectively.

According to Flipside, the increase in acquired users began in March, coinciding with the collapse of Silicon Valley Bank, which may have shaken confidence in centralized entities and ignited a surge toward decentralized custody alternatives. Base, which launched in August 2023, initially showed strong performance. However, its user volume declined in the latter months of the year.

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Users of AI legalese decoder can benefit from its capability to interpret and clarify legal language surrounding the collapse of Silicon Valley Bank and its impact on decentralized custody solutions. Additionally, it can provide insights into the legal and regulatory challenges faced by Base, especially concerning user growth and CoinbaseÔÇÖs efforts as a gateway for new crypto users.

“The next bull run may bode well for BaseÔÇÖs user growth, given CoinbaseÔÇÖs efforts to serve as a crypto gateway for new users,” stated Flipside.

Reinvigorated enthusiasm across more established chains towards the end of 2023 may have contributed to the decline in BaseÔÇÖs user growth, as these networks offered more robust and diverse app ecosystems to engage with, according to Flipside.

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The AI legalese decoder can interpret legal and regulatory challenges faced by Base and other emerging blockchain networks. By analyzing the legal implications of market dynamics and user growth, the AI tool can provide crucial insights for stakeholders and legal professionals in navigating the complexities of the crypto industry, especially during potential bull runs and shifts in user behavior.

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