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DeFi Ecosystem Breaks Above 2 Million Unique Addresses

DeFi Ecosystem Breaks Above 2 Million Unique Addresses
  • The total number of unique addresses in the DeFi space broke two million today.
  • DeFi tokens spike in demand compared to NFTs and top altcoins.
  • TVL has increased to $57.9 billion, a virtually vertical surge in the last 30 days.

According to crypto metric platform Dune Analytics, the total number of unique addresses in the decentralized finance (DeFi) space broke two million today. This was reported by Twitter user Richard Chen.

DeFi tokens also saw a spike in demand, even compared to non-fungible token (NFT) marketplace tokens and top altcoins. This may be a result of introductions of new DeFi ETFs.

While gas fees are considered a block to institutional DeFi adoption, ETFs have expanded investment flows, both in retail and institutional. At the same time, TVL has increased to $57.9 billion, a virtually vertical surge in the last 30 days.

Moreover, the TVL dropped a few times last year. But, since then, the growth was nearly vertical. Not just this, but trade volume on DEXs named in USD is over 50 times its value in 2020. Also, the global crypto market cap has risen by ten times since then.

Of note, the adjusted growth rate for DeFi is down ten times between 2019 and 2020.

DeFi’s roaring rally is visible in metrics like the stablecoin supply and the Ethereum network statistics. Without considering the token appreciation, the supply of stablecoins has grown over ten times since 2020, and three times can be judged for by year-to-date (YTD).

Furthermore, the value of these tokens in the ecosystem may have largely flooded more DeFi tokens in the market and increased liquidity. Still, the volatility has led to a consistent increase in price since the start of 2021.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.