October has been a month for some huge downfall for different Decentralized Finance (DeFi) tokens. Despite this, it is noted that there has been a significant increase in Defi users, as per the records, it surged by almost 40% in October.
Dune Analytics, a crypto market data aggregator, has revealed that at present, there were around 860,000 unique DeFi addresses. This indicates that the DeFi users are increased by around 10 times as compared to the previous year.
85K DeFi Users Increased by Starting of November
Just in October only, there has been an increase of 40% in DeFi users despite the huge losses. Along with this, there has been an increase of 85,000 users during the starting of November. As of total from October to November, there has been an increase of 55% of users in the sector.
Different exchanges are experiencing this surge in their users and the top ones are Compound and DyDx. Both of them are prominent players in the crypto market and they can increase their user base by around 250% and 50% respectively. These platforms have also seen this increase in the past month only i.e. October 2020.
Uniswap’s Market Quantity Also Expanding Quickly
It is not only the DeFi users as there has been a huge increase in the quantity of market that Uniswap hosts. The number of pairings on the platform has increased impressively by 34% in the past 30 days only. Such an increase is quite surprising when DeFi tokens have been facing some major losses.
According to analysts, around 81,000 DeFi users came in contact with Uniswap in the past few days, which is again a great sign. Despite this huge surge in user base, it is yet to be seen how the tokens will perform and how the market will turn out in the end.