Total DeFi Addresses Break Past One Million As Crypto Heats Up

In letter

  • DeFi protocols are among the hottest crypto investments in 2020.
  • Yesterday, the total number of addresses using DeFi exceeded one million.
  • However, this can overestimate the number of users.

The number of individual addresses that is involved decentralized financing ((DeFi) is now greater than a million after Data compiled on Dune Analytics.

That number, which started at less than 100,000 at the beginning of the year, has increased later this year as the DeFi protocols became some of the most popular of the year Crypto Investments.

Richard Chen, early stage partner at Crysto Venture Fund 1confirmation, created the dashboard for Dune Analytics. He said that he calculates total users based on the number of unique addresses, not individual people (or companies), and that his metrics overestimate actual DeFi users because people can have multiple addresses.

Chen wrote on Twitter that the Crop farming The buzz that started this summer may have contributed to the surge and helped bring the total number of addresses to over a million. High yield farmers receive new tokens as a reward for using DeFi services, e.g. B. decentralized exchange or loan logs; These tokens can be very lucrative depending on the protocol.

Chen collected data from popular DeFi tools like Uniswap (which makes up almost 600,000 of the total accounts), connection, Kyber, OpenSea, Aave, and augur.

There is now over $ 15 billion tied across protocols, according to DeFi Pulse, a website that tracks user engagement in a wide variety of tools and services. As of January 1 of this year, that number was below $ 700,000.

And while many legitimate DeFi ventures have started this year, there are plenty of scammers and carpet pullers too. hacker Targeting A protocol called Pickle Finance was closed for $ 20 million last month.

Expect more of this as the number of people involved in DeFi continues to grow.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.