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Ethereum and Polygon proceed to outpace newer Ethereum Digital Machine (EVM) chains in attracting new customers and buying and selling quantity, Flipside’s “New EVM Customers: Q1 Snapshot” report exhibits. As of March 27, Ethereum has garnered 13.4 million new customers, whereas Polygon has attracted 12.3 million, accounting for about 70% of the brand new consumer base throughout all EVM chains this 12 months. In distinction, Arbitrum has seen 4.7 million new customers because the begin of 2024.
Whereas Ethereum’s mainnet maintains its historic dominance, Layer-2 protocols are cumulatively processing extra quantity. Decentralized finance (DeFi) stays the first draw for brand new customers, with Ethereum main in buying and selling quantity at $12 billion in Q1. Notably, Arbitrum’s new customers have contributed a big $9.5 billion in DeFi buying and selling quantity, indicating a powerful engagement regardless of decrease consumer acquisition numbers.
Base, benefiting from Coinbase’s efforts to simplify crypto for novices, has almost octupled its new consumer base since January, with a file 243,000 new customers on March 16. This surge coincides with Bitcoin’s new all-time excessive and marks the best single-day new consumer rely throughout EVM chains this 12 months, the report factors out.
The decentralized purposes (dApps) ecosystem on Ethereum showcases variety, with a big proportion of latest customers partaking with a wide range of purposes. Nonetheless, Base displays essentially the most evenly distributed dApp utilization amongst new customers, probably attributable to its nascent stage and lack of established market leaders.
Token swaps and bridging apps are the commonest entry factors for brand new customers throughout EVM chains, with Uniswap and Orbiter Finance being the main platforms on Ethereum and Base, respectively. In the meantime, Optimism’s new consumer exercise is notably targeting Worldcoin, reflecting sustained curiosity within the challenge.
