According to data from leading Ethereum data firm Dune Analytics, the number of active wallets on Ethereum-based DeFi protocols has surpassed 3 million.
Richard Chen, a partner at 1Confirmation, shared the information on Twitter. He noted that this was the first time that the total number of unique Ethereum (ETH) addresses on DeFi protocols crossed 3 million.
THREE MILLION DEFI USERS 📈https://t.co/H11HBUIrOe https://t.co/OGXaFP2qo3 pic.twitter.com/kV0JxwrXMm
— Richard Chen (@richardchen39) July 12, 2021
It is worth mentioning that the metric does not represent the number of active DeFi users on the Ethereum blockchain since one person typically has more than one wallet for transactions.
Considering the specifics of the data, Uniswap is still the largest Ethereum-based DeFi protocol, accounting for 2.35 million wallets. Meanwhile, Compound Finance and 1inch Protocol command 325,000 and 260,000 wallets, respectively. SushiSwap and Balancer Protocol, both leading decentralized exchanges with AMM instruments, made it to the top-five list.
Matt Casto, an analyst in crypto-focused agency CMT Digital, observed that DeFi adoption is growing exponentially.
Days from 0 to 1m unique addresses pinging DeFi: 1,080
— Matt Casto (@mcasto_) July 12, 2021
Days from 1m to 2m unique addresses pinging DeFi: 143
Days from 2m to 3m unique addresses pinging DeFi: 79
Dune query h/t @richardchen39 pic.twitter.com/8imKOZKQ3V
He suggests that the DeFi user base grew 50% in 79 days, and it industry gained 3 million customers 13.6 times faster than the first million.
As reported by BTC PEERS, the number of DeFi users on Ethereum-based protocols crossed the 2 million benchmark in April.
