Base Achieves Record 19.4 Million Users in October
Focusing on EVM chains, the Flipside’s Onchain Users Report tracked record growth and challenges in user engagement. Here are key trends for 2025.
Record user growth
Newly acquired users reached 19.4 million in October, with Base contributing 13.7 million, nearly eight times more than Polygon. This growth is attributed to Coinbase’s large user base and Base’s initiatives in trending sectors like memecoin trading and onchain AI through programs such as Based Agents.
An “acquired user” is defined as a user who conducted at least two transactions in 2024. Ethereum averaged 1.56 million new users monthly, while Arbitrum peaked in May with 3.3 million users, driven by GameFi and SocialFi. Bitcoin's user numbers remained flat despite BTC reaching $100k, indicating speculative rather than meaningful onboarding.
Superusers: Base and Polygon dominate
Flipside defines “superusers” as those executing 100 or more transactions on a chain. Base led with 15.1 million superusers, surpassing Ethereum’s 10.7 million. Polygon recorded 1.5 million new superusers in 2024, with 867.7 million monthly superuser transactions. Ethereum remains the DeFi hub with 10.9 million DeFi-related superusers, more than Arbitrum and Optimism combined.
Blast’s surge and sharp decline
Among newly launched chains, Blast peaked at 134.9k acquired users in June due to gamified onchain activities. However, it faced a significant user drop-off in Q4. Despite this, the report notes that remaining users remain active across multiple areas, suggesting potential longevity beyond initial hype.
Uniswap’s DeFi dominance
Uniswap captured 91.3% of DEX activity on Base and increased its share on Ethereum by 27.72% compared to 2023, reflecting a market trend favoring larger players with deeper liquidity. LFJ (formerly Trader Joe) maintained its lead on Avalanche, growing its market share by over 6% from 2023 due to innovations like Auto-Pools.
The challenge
While 2024 saw record user acquisition, Flipside highlights the need for quality engagement. The report indicates that behind the growth figures lies a challenge in creating ecosystems that foster meaningful engagement over fleeting speculation. For instance, Base’s large user base primarily engages in limited onchain actions, raising concerns about whether apps can redirect users towards deeper activities like DeFi.