Number of DeFi wallets on Ethereum crosses 3,000,000 threshold
Crypto News

Number of DeFi wallets on Ethereum crosses 3,000,000 threshold

BTC Peers Reporter

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.

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.

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.