Users Surge but Just Five DeFi Projects Account For 94% of Locked Funds

The total number of users engaged with decentralized finance (DeFi) protocols has increased by more than 140%, since exceeding six-figures for the first time in January.

According to data published by Dune Analytics, the total number of DeFi users was just shy of 240,000 as of July 6 — increasing by more than 20% in the past month.

The total value of capital locked up in DeFi protocols has also exceeded $2 billion just six months after breaking above $1 billion for the first time.

Despite the surge in users, five projects account for the vast majority — roughly 94% — of capital locked up in DeFi

DeFi users proliferate

According to Dune Analytics, Uniswap and Kyber Network comprise the top DeFi pools by total number of users, having attracted more than 92,000 and 82,000 respective users in less than two years of operation. 

While Kyber has grown by more than 130% this year, Uniswap has nearly quadrupled its user base since January.

Compound also saw a significant spike over the past month, posting a 35% increase from 30,000 users to more than 40,000 over the past 30 days.

Smaller projects have also seen exponential growth over the past month, with Balancer growing nearly 400%, from 1,700 to 8,350, and Curve increasing 160%, from nearly 2,200 to 5,700. 

Over $2B now locked in DeFi

The recent rush of new DeFi users has significantly expanded the sum of capital locked up in DeFi projects.

Hype surrounding the recent launch of Compound’s governance token COMP has seen the protocol overtake MakerDAO (MKR) as the top DeFi project by locked assets with $673.4 million, according to DeFi Pulse.

Maker ranks second with $604.3 million, followed by Synthetix with $333 million, Balancer with $158.8 million, and Aave with $155.8 million.

Between them these five projects account for 94% of the total funds locked in DeFi.