In 2024, the crypto industry saw transformative user growth and dynamic shifts in the ecosystem. A Flipside report highlights significant user engagement growth, particularly on Base and Ethereum. While decentralized exchanges and new projects reshaped the market competitively, Coinbase's Base platform emerged as a leader with 13.7 million new users in October alone, surpassing Ethereum's stable average of 1.56 million new users per month.
Despite Bitcoin reaching $100,000, its user growth lagged, indicating speculative interest over new user sign-ups. Ethereum remains consistent in user acquisition, maintaining its established status. Meanwhile, Polygon expanded its user base without relying heavily on DeFi activities. Base attracted 15.1 million super users, making it a standout platform, while Polygon excelled in diversity, maintaining high transaction volumes in gaming and non-financial applications.
The Flipside report emphasizes the maturity of the crypto market as decentralized exchanges consolidate around major players like Uniswap, which dominated Base with 91.3% of acquired users. Newer chains face the challenge of balancing innovation with user retention. Regulators play a crucial role; the EU's MiCA regulation strengthened institutional confidence, boosting ETF launches and broader adoption.
Innovations such as GameFi and AI integration are expected to drive adoption, addressing scalability and data management challenges. The report concludes by highlighting the challenge of transitioning casual users into valuable contributors, emphasizing the need to build ecosystems with lasting engagement.
