DeFi has Attracted Nearly 1 Million Unique Users to Date

DeFi has Attracted Nearly 1 Million Unique Users to Date

The DeFi industry has noted remarkable growth throughout 2020. According to recent statistics, it is likely there will be 1 million unique users to date shortly. Most of the popularity is derived directly from Uniswap, which isn’t too surprising. 

The Total DeFi User Growth

It is remarkable to note how the popularity of decentralized finance is not slowing down just yet. Despite numerous attacks, hacks, and rug pulls, people continue to pour money into these projects. There is still a lot of good money to be made with DeFi, despite the many risks associated with this industry.

To this date, there have been nearly 1 million unique DeFi users. Currently, the statistics indicate over 56,000 users to date, which is a more than respectable amount. After all, this industry only started gaining momentum in early 2020. There was some minor growth before this date, but nothing to be overly excited about. 

BlocDesk Total DeFi Users
Source: Dune Analytics

Sustaining this level of growth will be a key challenge. It is not impossible, but there will be plenty of work to be done. Protecting users and offering a safety net if things go awry has almost become a necessity. Achieving this goal in a decentralized manner will not be easy, but there are some interesting projects on the market today. 

At the current rate of growth, reaching 1 million unique DeFi users is merely a matter of time. Making sure those users remain active within the ecosystem in a constructive manner is something else entirely. November of 2020 has welcomed nearly 200,000 new users, which is an impressive rate. 

Uniswap is the key Growth Factor

For those wondering where all of these DeFi enthusiasts originate from, it is not hard to find the source. Uniswap is the most popular decentralized exchange. Obtaining DeFi tokens through this platform is easy, even though using the exchange can be expensive. That is primarily due to Ethereum’s network state, rather than the code powering this DEX. 

BlocDesk Uniswap UOT
Source: Dune Analytics

Uniswap, on its own, has over 550,000 total users to date. This is much higher than any other decentralized finance project or platform on the market today. Other platforms struggle to surpass 100,000 users, with Compound and Kyber Network being two exceptions.  For everyone else, the uphill battle remains in place.

With so many new DeFi offerings hitting the market every week, and existing platforms improving over time, the future looks rather bright. It is far from a mainstream industry, but the overall growth is visible. How things look a year from today, is still impossible to predict. 

AO/X Staff