Whereas many decentralized finance (DeFi) tokens suffered heavy losses final month — prompting unexpectedly written obituaries in regards to the DeFi “bubble” — metrics measuring consumer exercise noticed sustained sector-wide progress.
In line with crypto market information aggregator Dune Analytics, the full variety of distinctive DeFi user-addresses is round 860,000, a rise of roughly 10 instances over the previous yr. Be aware: that’s a cumulative determine and customers may need multiple handle.
Distinctive wallets partaking with DeFi over time: Dune Analytics
Regardless of many DeFi tokens shedding important worth final month, the sector’s user-count elevated by practically 40%, from roughly 555,000 to 775,000, throughout October.
An extra 85,000 customers joined DeFi throughout the first 11 days of November, growing the variety of customers by 11% in lower than two weeks. In whole which means DeFi consumer numbers have grown 55% from the beginning of October.
Lending protocol Compound and decentralized change (DEX) Dydx had been among the many DeFi’s strongest gainers, growing their consumer bases by 250% and 50% over the previous 30 days respectively.
Compound’s absolute progress even exceeded that of main DEX Uniswap, with the protocols attracting 135,000 and 110,000 new customers over the previous month every.
Complete customers over time on Uniswap and Compound: Dune Analytics
The amount of markets hosted on Uniswap can also be shortly increasing, with the variety of pairings on the platform growing 34%, from roughly 16,200 to 21,700, over 30 days.
Dune estimates that almost 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 at the moment represents 63.6% of every 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.