Polygon’s Silent Triumph: A 2023 Overview of Blockchain Performance Jan 28, 2024 Jan 28, 2024 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJanuary 28, 2024 by Kelly Cromley

Polygon’s Silent Triumph: A 2023 Overview of Blockchain Performance

In the ever-evolving landscape of blockchain networks during 2023, Polygon (MATIC) quietly asserted its dominance, showcasing robust performance that surpassed competitors across critical metrics. Despite potentially flying under the radar for many, recent data unveiled by Flipside highlighted Polygon’s noteworthy standing in the blockchain arena.

The disclosure emerged from the report titled “Ethereum and Polygon Led the Pack with 30.6MM Acquired Users in 2023,” emphasizing the fierce competition between Ethereum and Polygon, with the latter securing a notable position higher than major blockchain networks.

Throughout the year, the observed networks collectively attracted a staggering 62 million acquired users. Ethereum led the pack, accumulating a total of 15.4 million acquired users over the 12-month period. Following closely, Polygon secured 15.2 million acquired users, significantly outperforming competitors. In contrast, Avalanche found itself at the lower end, garnering a modest 2.5 million acquired users, with more than a third acquired in the months of May and June.

A recurring trend in user acquisition patterns was evident across most observed chains. Growth peaked in May, experienced a decline in the summer and fall, and underwent a partial recovery in November and December.

Polygon initiated the year with a remarkable feat, acquiring 2 million users in January alone, constituting over 40% of the network’s total acquired users for the entire year. Despite a consistent monthly decline in user acquisition, Polygon maintained a favorable position compared to other networks. Even in February, the least active month, Polygon acquired 694,000 users, surpassing average monthly acquired user volumes on other chains throughout 2023.

Contrastingly, Avalanche witnessed a fluctuating trajectory in user acquisition throughout the year. Despite the fluctuation, Avalanche’s overall acquired user growth remained relatively low compared to most other chains. The network’s high volatility in month-to-month acquired user growth, second only to Solana, suggested a reliance on specific events and catalysts rather than organic discovery for user growth in 2023.

While Ethereum continued to dominate, Polygon emerged as the dark horse, making waves with its consistent performance and prowess in user acquisition in the fiercely competitive blockchain landscape of 2023. The silent triumph of Polygon signifies its resilience and capability to stand out amidst the challenges presented by the dynamic blockchain industry.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.