A Dune Analytics dashboard created to track the total users in DeFi over time has shown that the number has now exceeded 3,000,000. The dashboard which was created a year ago by the user @rchen8 tracks the total number of unique addresses since DeFi was introduced. Tracking the DeFi wallets on Ethereum over two years.
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The dashboard featured the number of unique users on each DeFi platform. These platforms included popular DEXes like Uniswap, MakerDAO, and AAVE. Showing the growth of the number of users on each platform over the years. As far back as the platforms were launched.
Number of total DeFi users over time exceeds 3M | Source: Total DeFi Users Over Time on Dune Analytics
Growth of DeFi Over The Years
The chart which shows usage data shows the steady rise and eventual boom of DeFi over the years. The numbers were not much at the end of 2018, with a flat line showing that the number of users of DeFi was negligible at this point.
DeFi had started as a Telegram chat between Ethereum developers and entrepreneurs. The developers included Inje Yeo, Blake Henderson, and Brendan Forster. All working for prominent projects like Set Protocol, 0x, and Dharma.
At this point, there was not yet a lot of interest in decentralized finance as it was still in its early days. And what’s more, most people didn’t understand what it was or meant.
Total DeFi market cap currently at $59B | Source: Crypto Total DeFi Market Cap on TradingView.com
In the year 2019, the chart shows that the number of active DeFi addresses on Ethereum started to move into the thousands. With decentralized finance gaining a bit of popularity after the last bull market which had ended in 2018.
Fast forward to 2020 and more investors were getting into DeFi. By now, the number of users had moved into the hundreds of thousands.
The rise of the bull market in 2021 saw more investors going into decentralized finance. Seeing the number of unique DeFi users grow three times the number it was at the beginning of 2021.
Uniswap Leads The Charge
The data showed that the majority of the users are on Uniswap. The number of unique users on Uniswap makes up over 60% of the entire number of DeFi users.
Uniswap saw over a 100% growth in the amount of DeFi users on the platform. Most of the users coming in with the bull market of 2021.
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Following in second place was the DEX Compound. Compound showed a total number of users of a little over 300,000. Putting the DEX well behind Uniswap even though it comes in second place.
The dashboard continues on to show the total users of DEXes out in the market. Giving a timeline and the number of users of the platforms over time.
1inch and SushiSwap both came in third and fourth place. Both having total users over time of 260,000 and 189,000 respectively.
Uniswap remains the biggest and largest DEX in the DeFi market. Its native token UNI is priced at $17.28 with a market cap of over $8 billion.
Featured image from Phemex, charts from Dune Analytics and TradingView.com