Incredible increase in the number of DeFi users! What does this mean?

Even though the cryptocurrency industry has gone through some tough and volatile times, the number of active users in the industry has not dropped. On the contrary, it continued to rise, although its growth slowed, as new data shows.

Incredible increase in the number of DeFi users! What does this mean?

According to the results of the research published by analytics platform Statista on January 9, the daily number of unique addresses that bought or sold a decentralized financial (DeFi) asset worldwide increased between December 2017 and January 9, 2023.

Incredible increase in the number of DeFi users!  What does this mean?  - Picture : 1

Number of unique active DeFi addresses since December 2017. Source: Statista

According to the rounded figures for each month end, the number of DeFi users, which was only 189 at the end of December 2017, reached 6,686,500 on January 9, 2023, an increase of 3,537,730% in five years.

In 2023, this number continued to rise, increasing 0.54% from 6,650,801 on 1 January to the number recorded on 9 January. However, this growth has started to slow as the number of active DeFi users has increased by 300,000 since early. 2022, which represents less than half the increase over the same period of 2021.

Research methodology

The research methodology involved using a network scanning code that attempts to measure the number of unique addresses associated with buying or selling certain projects associated with DeFi. For example, the code lists data retrieval commands associated with Uniswap ( UNI ) and Aave ( AAVE ), two protocols with a market cap of over one billion US dollars in March 2022.

However, the source acknowledges that the numbers may be “exaggerated” due to people using multiple unique addresses, and does not specify whether transactions were measured only on the (ETH) network or on other blockchains.

As Statista’s Raynor de Best explains, DeFi is “cryptocurrencies or [mübadele edilemez tokenler ( ’ler )] is not monitored by an official government”, so the only source of information on market size is often “procedures for measuring ‘network activity’ – activity on the blockchain/network, which is the most used blockchain for DeFi or elsewhere.”

Crypto adoption continues

It’s also important to note that global management consulting firm Boston Consulting Group (BCG) said in July 2022 that cryptocurrency adoption, driven by both individual and institutional investors, will likely accelerate further, with the industry likely accumulating a billion users by 2030.

Meanwhile, more recent data, along with the World Economic Forum, showed that crypto adoption has risen sharply over the full year of 2022, with the total number of global crypto holders increasing 39% from 306 million in January to 425 million in December. (WEF) official sees more interest in investing in blockchain in 2023.

Elsewhere, crypto-related content is among the top growing topics among active English-speaking users, reaching an all-time high (ATH) in late 2021, according to the social network’s internal research.

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