Currently, there are a total of 159,569 users in the DeFi ecosystem. Around USD 887 million are deposited on DeFi platforms and protocols.
Dune Analytics produced a chart that shows the accelerated growth in the number of unique addresses in the Decentralized Finance (DeFi) ecosystem so far in 2020.
According to the graph, the number of unique addresses in the ecosystem last January 1st was 93,733, 2020. However, there are now around 159,560, not including DAI unique addresses. The said data mean that the number of addresses that use the DeFi protocol has increased by 70.22%.
The chart takes into account the number of unique addresses on several platforms and protocols that offer DeFi products and services. Since a user can have several addresses, charts only take into account the unique addresses on each platform. There are also graphs of important platforms such as Uniswap, Kyber, and Compound, which represent 85% of the total number of unique addresses in the ecosystem.
Besides, the stablecoin DAI is one of the most widely used in the DeFi ecosystem. For that reason, it is noteworthy that there is also a graph that indicates the number of unique addresses of the token. According to Dune Analytics, the number of unique addresses is 339,759, whilst it is possible to see that on EtherScan there are only 63,370 addresses that own DAI. This is because the unique addresses that Dune Analytics considers to be “users” are not all “holders.”
Growth of DeFi Ecosystem Is Prominent
The lending platform Maker, which belongs to MakerDAO, is the most popular option in the ecosystem for DeFi products through the use of DAI. Currently, users have around 468 million DAI on the platform.
According to data from DeFi Pulse, the total amount deposited on DeFi platforms and protocols is USD 887 million. This means that Maker has on its platform 52% of the total amount of the ecosystem. Sinthetix is in second place, with USD 123 million, which represents 13% of the total amount. Compound is in third place, with USD 89 million deposited on the protocol, which translates into 10%.
The growth of this ecosystem is increasingly prominent. Every day, there are announcements of new DeFi products, applications, and platforms. For example, some products have been integrated into well-know platforms such as Gnosis, new Bitcoin, and Ether futures DeFi markets have also been launched, and the Exodus wallet application now allows users to receive interests on their savings in DAI.
To conclude, it is important to remember the advantages of using the DeFi protocol. The traditional financial system depends on financial institutions, which act as intermediaries, and the court provides solutions for controversial issues. However, the DeFi protocol does not require any intermediaries and therefore does not need arbitration from third parties. This reduces the cost of services and provides more transparency. Besides, users initialize it on blockchain networks, thus excluding the influence of unauthorized people.
By Alexander Salazar