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Total Number of DeFi Addresses Exceeds 1 Million!

Total Number of DeFi Addresses Exceeds 1 Million!

According to data compiled in Dune Analytics, the number of individual addresses related to decentralized finance (DeFi) is now more than one million. This number, which started the year at just under 100,000, increased throughout the year as DeFi protocols became some of the most popular crypto investments of the year.

Richard Chen, partner of crypto venture fund 1confirmation, created the chart on Dune Analytics. He said that it calculates general users based on the number of unique addresses, not by individual persons (or companies), and its metrics overestimate actual DeFi users, as builds can have multiple addresses.

Chen wrote on Twitter that the yield farming craze that erupted this summer may have contributed to the spike and helped raise the total address count to over a million. Yield farmers earn new tokens as a reward for using decentralized financial services such as decentralized exchanges or lending protocols; These tokens can be quite profitable depending on the protocol.

Chen data; Uniswap (making up about 600,000 of the total accounts) collected from popular DeFi platforms such as Compound, Kyber, OpenSea, Aave, yearn.finance, and Augur.

$ 15 billion of cryptocurrency locked in the DeFi ecosystem

According to DeFiPulse, a site that tracks user engagement, more than $ 15 billion is now locked in DeFi protocols. In January 2020, this figure was under 700 thousand dollars.

While many legitimate DeFi initiatives have stood out this year, there are plenty of scammers out there. Hackers targeting a protocol called Pickle Finance , for example , made $ 20 million last month. In addition, as we recently reported, a fraud tactic called “rug-pull” was implemented in a protocol called Compounder, and users lost close to $ 12 million in cryptocurrency .

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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