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Diving into the world of EVM chains, the recent Onchain Users Report by Flipside has highlighted a surge in user numbers alongside emerging obstacles in maintaining engagement quality. Here are some key trends to keep an eye on in 2025.
Unprecedented user growth
In October, the number of newly acquired users hit a record high of 19.4 million, with Base leading the pack at 13.7 million — surpassing Polygon by nearly 8 times, as stated in the report. This rapid expansion can be attributed to Coinbase’s extensive user base and Base’s strategic focus on trending sectors such as memecoin trading and onchain AI through initiatives like Based Agents.
An “acquired user” is defined as an individual who has carried out at least two transactions in 2024.
Ethereum also witnessed steady user growth, averaging 1.56 million new users per month. Arbitrum experienced a peak in May with 3.3 million acquired users, driven by the popularity of GameFi and SocialFi.
Despite Bitcoin reaching its historic $100k milestone, its user base remained relatively stagnant, indicating speculative activity rather than substantial onboarding.
Power users: Base and Polygon in the lead
Flipside categorizes “power users” as those who have conducted 100 or more transactions on a chain at any given time.
Base emerged as the frontrunner with 15.1 million wallets engaging in 100+ transactions, surpassing Ethereum’s 10.7 million power users by 38%. Similarly, Polygon saw an influx of 1.5 million new power users in 2024, showcasing its strength beyond DeFi. The report highlights, “Polygon’s power user activity even surpassed that of all other observed chains, with 867.7 million monthly transactions by super users.”
Ethereum maintained its status as the go-to hub for DeFi with 10.9 million DeFi-related power users, outpacing Arbitrum and Optimism combined.
Surge and dip in Blast’s trajectory
Among the recently launched chains, Blast made waves by attracting a record high of 134.9k acquired users in June alone. This growth was fueled by its ability to incentivize various gamified onchain activities.
However, the chain experienced a notable decline in user numbers in Q4. Despite the departure of points farmers from the chain, the report points out Blast’s potential for future growth: “The remaining users continue to be active on multiple fronts, indicating that the chain has the potential to surpass its initial hype and longevity.”
Uniswap’s stronghold in DeFi
Uniswap further solidified its dominance by capturing 91.3% of DEX activity on Base and expanding its share on Ethereum by 27.72% compared to 2023. This trend suggests a broader pattern, where a ‘winner-takes-most’ DeFi market favors established players with greater liquidity and brand recognition, as per the report.
Meanwhile, LFJ (formerly Trader Joe) maintained its lead on Avalanche, growing its market share by over 6% from 2023, thanks to innovations like Auto-Pools.
The hurdle ahead
Despite the surge in user acquisition in 2024, Flipside underlines the importance of fostering quality engagement. As mentioned in the report: “Beyond the headlines of soaring user numbers lies a fundamental challenge: developing ecosystems that foster meaningful, enduring engagement, rather than fleeting speculation.”
For example, despite Base attracting a large user base, the report highlights the “limited range of onchain activities that the new user base is currently involved in,” mostly centered around gambling on a couple of memecoins. It remains to be seen whether platforms can capitalize on the opportunity to steer users towards deeper engagements like DeFi.