While the general sentiment in the crypto market seems to have eased, the introduction of DeFi is holding the flag high with an exponential growth pattern. The DeFi ecosystem is showing no sign of fading as it recently hit a new milestone when the total number of unique addresses finally hit 3 million on July 13th.

Recently Data stressed that the total number of unique addresses that interact with DeFi has finally reached the 3 million mark. Crypto enthusiast Richard Chen has compiled the data on a dashboard that tracks a number of Ethereum-native protocols to determine the total number of unique wallets that interact with the ecosystem.

The dashboard continued to establish Uniswap, Compound, Aave, Curve and Balancer as the most popular coins among users.

Source: Dune Analytics

Uniswap, one of Ethereum’s leading decentralized financial protocols, has become the most popular DeFi platform with over 2.3 million unique addresses as per the data. Second place went to the decentralized money market compound, which has accumulated 325,000 addresses since its introduction.

Earlier this month, another report highlighted a possible “comeback season for DeFi” by underlining that some of the largest DeFi tokens have seen a sharp surge in activity from unique addresses.

A surge in demand for DeFi?

The growing number of unique addresses in DeFi protocols means a new wave of demand for DeFi. It would have been a bit impatient to do the same at the beginning of the month, but the sustained increase in address activity after half a month signals growing network trust and a possible bull run for Defi’s “blue chips”.

However, it is interesting to note that while some of the top DeFi assets like Uniswap and Compound have price rallies and high social dominance, they lag behind in terms of development activities and network trust or acceptance.

For example, the Uniswap and Compound charts compared their social dominance and price to development activity, showing that the latter tested their levels for the assets in early May and June.

Source: Sanbase

Source: Sanbase

It’s also important to note that while reaching the milestone of 3 million unique addresses is a significant achievement, there are many users running multiple addresses, which makes the actual number of unique users slightly less than the number of active addresses.

However, that cannot overshadow the fact that DeFi continues to grow exponentially amid a more bearish market sentiment. Many DeFi assets such as Uniswap, Synthetix and Compound have gained in value after constant ecosystem-oriented updates, new product launches and better market acceptance. This was a big factor in pumping the space and left many hoping for a possible DeFi summer.

The hope for a possible DeFi summer is great!

Research analyst Mason Nystrom was quick to point out DeFi’s exponential growth, noting that it took only 78 days for unique addresses to jump from 2 to 3 million. In addition, a survey produced by the analyst found that 53% of respondents believe that the 4 million mark will be hit in the next one to two months.

Source: Mason Nystrom Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here