The number of unique addresses in the whole decentralized finance (DeFi) sector has more than doubled in a matter of fewer than five months. The total number of wallets or unique addresses in the decentralized finance (DeFi) ecosystem has increased to more than 2 million today, says Dune, the renowned crypto metrics platform.
Decentralized Finance (DeFi) on The Rise
It is very important to note that the last major milestone achieved by the decentralized finance (DeFi) of having 1 million unique addresses or wallets was not more than just a few months ago, precisely on 4th December 2020, as stated by Richard Chen, partner at 1confirmation, an investment firm focused on crypto and the creator of the Dashboard.
This, however, begs another question, that is all these unique addresses or wallets are actual and active users of the DeFi platform? And the answer is no. All these unique addresses or wallets are not actual and active users because this is a digital service, and like many other digital services, any user can make virtually an infinite number of unique addresses, and that is why it can be said that these figures have been overestimated.
The silver lining in this scenario is that even if some of these addresses are not active, these numbers can be perceived as an indicator of the overall upward trends and the growth of the decentralized finance (DeFi) sector. According to this data, an increment of 100% of the unique addresses or the wallets in less than just five months shows that the decentralized finance (DeFi) ecosystem has been and is still growing exponentially.
Uniswap is On Top of The List
If we talk about the user activity, Uniswap, which is a decentralized finance (DeFi) exchange based on Ethereum, is on the top of the list with over 1.434 million unique addresses. The Second decentralized finance (DeFi) exchange on this list is Compound, with a userbase of around 314.6k unique addresses. 1inch is on the third with 184.4k unique addresses. Balancer is on the fourth spot with a userbase of 138.5k unique addresses. Kyber Network is next with a total of 120.4k unique addresses, then comes SushiSwap with 119k unique addresses, and the rest of the DeFi platforms have less than 100k addresses each.