Polygon is fast becoming the most widely used blockchain in the world. It has 15.24 million users, about 160,000 fewer than the major leader Ethereum. This is according to data from Flipside.

Is the bull is really here? How can we tell?

Data.

Sentiment isn't the only thing that's changed lately. According to the data, user behavior is shifting — and with it, crypto markets.

We cover it all in The Onchain Crypto User Report 🧵📊👇 pic.twitter.com/IsclNOZhJk
— Flipside 📊 (@flipsidecrypto) January 25, 2024

Polygon is a layer 2 solution for Ethereum with its own blockchain. This means it helps the slow and expensive Ethereum network process transactions faster and cheaper. However, Polygon is now also an independent blockchain.

Overall, the crypto space has grown to about 62 million users by 2023. These are people who are active on the chains and use their services. More than 580 million people also own cryptocurrencies. Bitcoin ranks third among users with about 10 million active users, followed by Solana with five million, followed by several Layer2 solutions for Ethereum, Optimism and Co.

"The surge in users began in March and coincided with the collapse of Silicon Valley Bank," Flipside writes. One assumption for the influx: "confidence in centralized institutions" was "shaken" and this caused "a flight to decentralized custody alternatives."

Better, faster, more features: Polygon is also currently undergoing a major network update. At 73 cents and a market capitalization of seven billion US dollars, Polygon currently ranks 15th among cryptocurrencies. Its price has fallen nearly 23 percent year over year.