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Home NEWS DeFi's user base is still skyrocketing and steady, albeit many ...

The number of DeFi users remains skyrocketing and steady, although many DeFi tokens are still on the horizon.

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The number of DeFi users remains skyrocketing and steady, although many DeFi tokens are still on the horizon.

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Indeed, although many DeFi tokens are still falling sharply from their peaks and the current HOT level is no longer the same as before, the number of users in the decentralized financial sector is steadily increasing weekly and monthly.

Many DeFi tokens have experienced a sharp decline, causing many people to worry and suspect that DeFi may be following the trail of ICOs in the past. However, if we look at the number of users in this sector then we will see a different perspective in the industry.

According to crypto market data aggregator Dune Analytics, the total number of user addresses is in DeFi is about 860,000, up about 10 times in the past year. But note: it is a cumulative number and a user can have multiple addresses.

total defi users

Although many DeFi tokens fell in value significantly last month, the number of users in this sector has increased by almost 40%, from about 555,000 to 775,000, in the past October.

More than 85,000 people joined DeFi in the first 11 days of November, an 11% increase in users in less than two weeks.

In total, the number of DeFi users has increased by around 55% since the beginning of October.

Protocols Compound and Dydx protocol, which are two prominent names in DeFi, the user base of these two protocols has increased 250% and 50% in the last 30 days, respectively.

Compound's growth even surpassed Uniswap. In October, Compound alone attracted 10 new users, while for Uniswap was 135,000 people.

Compound vs uniswap

However, not so that but forget the domination of Uniswap, according to Dune Analytics estimates that nearly 81,000 users have interacted with Uniswap in the past week.

Uniswap currently represents 63,6% of daily DEX transactions, followed by Curve with 12,2%, SushiSwap with 8,64%, and 0x with 7%.

As such, only four exchanges account for more than 91% of the total volume DEX.


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