Are we still early? New dashboard by Dune tracks “users over time” metrics for DeFi heavyweights
According to statistics by top-league on-chain data vendor Dune Analytics, the net number of wallets active on Ethereum-based decentralized financial protocols (DeFis) accomplished yet another massive milestone.
3M users of DeFi
Richard Chen, a partner at 1Confirmation, a crypto VC fund with $75 million in assets under management, unveiled an interesting metric on Dune Analytics’ dashboard.
— Richard Chen (@richardchen39) July 12, 2021
According to him, the total number of unique Ethereum (ETH) addresses utilized in various DeFi protocols surpassed 3,000,000 for the first time ever.
This metric does not reflect the number of active DeFi enthusiasts as one person typically uses more than one Ethereum (ETH) wallet for transactions.
From this whopping number, Uniswap (UNI) users are responsible for 2.35 million wallets; Compound Finance (COMP) users activated 325,000 wallets and 1Inch Protocol (1INCH) onboarded almost 260,000 wallets.
DeFi adoption rockets: see the numbers
SushiSwap (SUSHI) and Balancer Protocol (BAL), two flagship decentralized exchanges with automated market-making instruments, have also booked places in the top five.
Matt Casto, an analyst in crypto-focused firm CMT Digital, noticed that DeFi adoption is moving at an accelerating rate.
Days from 0 to 1m unique addresses pinging DeFi: 1,080
Days from 1m to 2m unique addresses pinging DeFi: 143
Days from 2m to 3m unique addresses pinging DeFi: 79
— Matt Casto (@mcasto_) July 12, 2021
According to his estimations, the DeFi segment gained its three million of users 13.6 times faster than the first one. Its userbase rocketed by 50 percent in 79 days only.