DeFi ecosystem now exceeds 2 million unique addresses |

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DeFi ecosystem now exceeds 2 million unique addresses |

The total number of unique addresses (or wallets) in the decentralized financial space (DeFi) has now passed the two million mark, according to cryptocurrency analytics platform Dune Analytics.

The DeFi ecosystem exceeds 2 million addresses. Image: Dune Analytics

DeFi ecosystem now exceeds 2 million unique addresses |

It’s worth noting that the previous major milestone of one million addresses was reached just a few months ago, on December 4. 2020 was reached, according to Richard Chen, creator of the dashboard and partner at cryptocurrency-focused investment firm 1 Confirmation.

TWO MILLION PLEASURES https://t.co/RjNZoK7Lfz pic.twitter.com/HWk1FoVkHX

– Richard Chen (@richardchen39) 25. April 2021

It should be noted that this number does not represent the total number of valid users in the DeFi. As with most digital services, each user can create an almost unlimited number of addresses, which is why the numbers are inflated.

Nevertheless, these figures can be used as an indicator of overall growth and trends in the FDD market. In this context, a 100% increase in remittances in less than five months shows that the sector is still growing exponentially.

Uniswap always carries

In terms of user activity, decentralized Ethereum exchange Uniswap leads the pack with 1.434 million addresses. It is followed by Compound (about 314,600), 1 Inch (184,400), Balancer (138,500), Kyber Network (120,400) and SushiSwap (119,000). The otherFi platforms have a share of less than 100,000 addresses.

Another clear indicator of growth is the total dollar value currently tied up on the various DeFi platforms (TVL). According to the decentralized metrics site DeFi Pulse, TVL peaked on the 16th. April a new record of over $62 billion.

The total value recorded in the BeCeFi system is currently $53 billion. Image: Pulse DeFi

Since then, however, the overall cryptocurrency market has slumped somewhat, leading to a sharp decline across the board. Nevertheless, at press time, DeFi’s TVL is worth an impressive $54.3 billion.

As noted, Ethereum remains the king of decentralized finance, but other DFi-centric networks are beginning to gain traction amid network congestion and skyrocketing transaction costs.

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DeFi ecosystem now exceeds 2 million unique addresses |

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Emilia James
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