Total Number Of DeFi Wallets On Ethereum Crosses The 3,000,000 Mark

A dune analytics dashboard was created with the purpose to track the total number of all the users in DeFi. Recently, it has been shown that the number of users has now exceeded 3,000,000. This dashboard was created by the user @rchen8 almost a year ago. It counts the number of users by tracking the unique addresses since decentralized finance was introduced. The dune analytics dashboard features the total number of unique users on every DeFi platform till now. Some of these platforms are Uniswap, MakerDAO, and AAVE – the popular DEXs. This shows the growth over time in the number of users on every platform during all these years, since all these platforms were launched.

Number of total DeFi users over time exceeds 3M – Dune Analytics

DeFi Growth During All These Years

The chart showing the usage data shows an increase and an eventual boom in the number of DeFi users. By the end of the year 2018, there was not much increase in these numbers. It showed a completely flat line which means that then, the number of DeFi users was almost negligible. Not long ago, DeFi started a telegram chat among several Ethereum developers and entrepreneurs. Some of the developers are Inje Yeo, Blake Henderson, and Brendan Forster. They are all currently working on major projects such as Set Protocol, 0x, and Dharma.

Right now, there is not much interest shown by people in decentralized finance as it was at the starting of this year. Moreover, a lot of people don’t understand the concept of DeFi or what it means. In 2019, the charts show that the number of active DeFi addresses on Ethereum has started to move into hundreds and thousands. DeFi has definitely gained more popularity after the last bull and bear market in the year 2018. Also, it was seen that by 2020, more investors were getting involved in DeFi. Furthermore, by the start of 2021, the market saw more investors getting involved in DeFi. Currently, the number has increased by 3 times what it was in January 2021.

UniSwap Taking The Charge

Records and data show that most of the DeFi users are on UniSwap. All the unique users on this platform make up more than 60% of the total number of DeFi users. It has seen a 100% growth in the terms of DeFi users. Most of the users out of these are coming from the bull market in 2021. The second place goes to the DEX compound. It shows the number of users a bit more than 300,000 putting it just after UniSwap. The dune analytics dashboard is continuously showing the timeline and the number of users of all the platforms as time passes. 1inch has taken third place with almost 260,000 users and SushiSwap is in fourth place with 189,000 users.