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Ethereum-Based DeFi Protocols Reach Over 1 Million Users

Ethereum-Based DeFi Protocols Reach Over 1 Million Users
  • Decentralized Finance (DeFi) has reached over 1 million users according to a Dune Analytics report.
  • Ethereum-based DeFi-like protocols such as Uniswap, Aave, Compound, MakerDao contributed massively to the surge.

According to a report by Dune Analytics, decentralized Finance (DeFi) users have recently surpassed over 1 million. As a result, the total number of users within the Defi space is currently at 1,0001,461.

Number of DeFi users has reached 1 million this December
Number of DeFi users has reached 1 million this December

Dune Analytics noted that Ethereum-based DeFi protocols like Uniswap, Aave, Compound, and MakerDao have contributed a lot to this DeFi user surge. For this, the site registered a unique number of individual addresses of different users.

The recent DeFi surge depicts the exponential increase throughout this year. Meanwhile, at the start, DeFi began with around 100,00 addresses. This means that, in the account of this, there happens to be a ten-fold increase in the number of users this December.

Specifically, the DeFi massive platform increase was attributed to a recent yield farming boom to be the DeFi surge’s main cause.. Separately, on the above-mentioned DeFi identical protocols, Uniswap, Rarible, Hegic, and Compound also showed a mass increase of users recently.

The DeFi space’s total value locked (TVL) may reflect this strong user base. At the time of writing, DeFi platforms have a combined TVL of $14.46 billion, according to DeFiPulse. This is roughly a $5 billion increase since July.

Read Also: Top 10 DeFi Tokens by Market Capitalization

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.