Whereas many decentralized finance tokens suffered heavy losses final month, prompting rapidly written obituaries concerning the DeFi “bubble,” metrics measuring person exercise noticed sustained, sector-wide progress.
In keeping with crypto market information aggregator Dune Analytics, the entire variety of distinctive DeFi person addresses is round 860,000, a rise of roughly 10 instances over the previous 12 months. Nonetheless, that determine is cumulative, and customers may need a couple of tackle.
Regardless of many DeFi tokens shedding important worth final month, the sector’s person depend elevated in October by practically 40%, from roughly 555,000 to 775,000.
An extra 85,000 customers joined DeFi through the first 11 days of November, growing the variety of customers by 11% in lower than two weeks. In whole, meaning DeFi person numbers have grown 55% from the beginning of October.
Lending protocol Compound and decentralized alternate Dydx have been amongst DeFi’s strongest gainers, growing their person bases over the previous 30 days by 250% and 50%, respectively.
Compound’s absolute progress of 135,000 new customers over the previous month even exceeded the 110,000 attracted by main DEX Uniswap.
The amount of markets hosted on Uniswap can also be rapidly increasing, with the variety of pairings on the platform increasing 34%, from roughly 16,200 to 21,700 over 30 days.
Dune estimates that just about 81,000 customers interacted with Uniswap over the previous week — equal to 9.4% of all distinctive addresses in partaking with all the DeFi sector.
Uniswap presently represents 63.6% of each day DEX commerce, adopted by Curve with 12.2%, SushiSwap with 8.64%, and 0x with 7%. As such, simply 4 exchanges make up greater than 91% of whole DEX quantity.