DeFi the odds: Total user numbers up 55% in just six weeks
Decentralized finance users steadily increased by 40% during October, despite many DeFi tokens posting heavy losses for the month.
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While many decentralized finance (DeFi) tokens suffered heavy losses last month — prompting hastily written obituaries about the DeFi “bubble” — metrics measuring user activity saw sustained sector-wide growth.
According to crypto market data aggregator Dune Analytics, the total number of unique DeFi user-addresses is around 860,000, an increase of roughly 10 times over the past year. Note: that’s a cumulative figure and users might have more than one address.
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Despite many DeFi tokens shedding significant value last month, the sector’s user-count increased by nearly 40%, from roughly 555,000 to 775,000, during October.
A further 85,000 users joined DeFi during the first 11 days of November, increasing the number of users by 11% in less than two weeks. In total that means DeFi user numbers have grown 55% from the start of October.
Lending protocol Compound and decentralized exchange (DEX) Dydx were among the DeFi’s strongest gainers, increasing their user bases by 250% and 50% over the past 30 days respectively.
Compound’s absolute growth even exceeded that of leading DEX Uniswap, with the protocols attracting 135,000 and 110,000 new users over the past month each.
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The quantity of markets hosted on Uniswap is also quickly expanding, with the number of pairings on the platform increasing 34%, from roughly 16,200 to 21,700, over 30 days.
Dune estimates that nearly 81,000 users interacted with Uniswap over the past week — equal to 9.4% of all unique addresses in engaging with the entire DeFi sector.
Uniswap currently represents 63.6% of daily DEX trade, followed by Curve with 12.2%, SushiSwap with 8.64%, and 0x with 7%. As such, just four exchanges make up more than 91% of total DEX volume.