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Crypto Adoption Skyrockets with 62 Million New Users in 2023

2023 marked a historic year in crypto user growth, with Ethereum and Polygon at the forefront, bringing the industry's focus to the importance of multi-chain platforms.

The year 2023 will be remembered as a watershed moment in the cryptocurrency industry, as onchain crypto users grew by a record 62 million, according to a revealing report by Flipside Crypto. This unprecedented surge in user adoption signifies a broader acceptance and integration of blockchain technology into the mainstream.

Ethereum, the pioneer in smart contract platforms, led this remarkable expansion with 15.4 million new users. Hot on its heels was Polygon, which closely followed with 15.2 million new users, showcasing its rising prominence and appeal in the blockchain space. Bitcoin, maintaining its stature as the original cryptocurrency, also saw significant growth, adding 10.7 million users to its network.

Acquired users by year - Source: Flipside Crypto
Acquired users by year – Source: Flipside Crypto

A noteworthy highlight of the year was the performance of Solana, which, despite facing challenges in the past, rebounded impressively to secure 5.6 million new users. This resurgence was particularly strong in May and December, indicating a regained confidence among users in the platform’s potential and stability.

Flipside Crypto’s methodology for determining an “acquired user” involves tracking blockchain addresses that initiated their second transaction within the year, offering a more nuanced view of active participation in the blockchain ecosystem.

The report also sheds light on user loyalty to blockchain platforms, revealing that 86.9% of Ethereum Virtual Machine (EVM) users remained dedicated to a single platform throughout the year. This loyalty underscores the importance of a robust ecosystem and user experience in retaining users in a competitive landscape.

Contrasting this trend, the report hints at a burgeoning movement among developers to diversify their projects across multiple chains, suggesting a future where users, akin to developers, might navigate seamlessly across various blockchains.

As the crypto industry stands at the cusp of this multi-chain future, the record user growth of 2023 not only highlights the sector’s resilience and appeal but also points towards an evolving landscape where flexibility, innovation, and user-centric solutions will dictate the pace of growth and adoption. The journey of platforms like Ethereum and Polygon, amid this user acquisition milestone, reflects the dynamic interplay of technology, community, and vision that continues to drive the blockchain industry forward.


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