Decentralized finance (DeFi) continues to grow at an exponential rate and the number of new DeFi assets has increased almost tenfold over the same period last year.
DeFi Zerion project founder Evgeny Yurtaev shared a Twitter graph showing that the number of new assets nearly doubled in the last month and commented that the growth „seems exponential to me. The number of new Bitcoin Rush reached over 1,000 for the first time last month, and the Uniswap Protocol accounts for approximately 75% of them.
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„Similar to what [the] Internet did to content, DeFi is doing it to finance,“ Yurtaev said.
„DeFi is the new FinTech. It all comes down to the cost of distribution. The Internet put it close to zero for content. However, it didn’t happen in finance.“
On the way to 600,000
The total number of DeFi users over time approaches 600,000 according to the Ethereum Dune Analytics platform. The total number of DeFi users reached 193,000 in May. Most of the growth comes from Kyber (74,360) and Uniswap (70,739). The figures exclude 362,000 users of IAD.
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Ethereum DeFi users over time
DeFi Ethereum users over time. Source: Dune Analytics
The increase in the year to date is just under 100,000 users, and only in March did we experience a slight decrease in the number of new users, potentially caused by the global spread of COVID-19.
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Although the total numbers are still small in the overall scheme of things, adoption is growing and this is likely to increase as projects become more user-friendly. The total market capitalisation of all DeFi projects has exceeded USD 2 billion according to DeFi Market Cap.
A CoinGecko report showed that 89% of the respondents knew about Defi, and that the best known application was MetaMask.