The acceptance of Defi is not showing any sign of slowing down as the total number of distinct addresses hits 3 million and the Ethereum Defi Ecosystem is continuing to see exponential growth. Data tells that over 3 million addresses are using at least one of the 24 applications.
In accordance with the data shared by Dune Analytics, as of July 13, it has been found out that 3,004,620 addresses are using applications that are tracked by the platform.
Talking about the dashboard of the analytics tool, it has been assembled by crypto lover Richard Chen, it tracks a range of protocols that are native to Ethereum in order to find the total number of distinct wallets that are interconnecting with the ecosystem.
By far, Uniswap, the top decentralized exchange of Ethereum, has emerged as the most famous Defi protocol with more than 2.3 million distinct addresses. Other platforms that are tracked on the dashboard are Curve, Aave, and Compound.
Despite the crash witnessed in the crypto market in the month of May, the Defi market has refused to act accordingly and has been growing constantly.
As shared by Mason Nystrom, an analyst at Messari Research, it took almost 11 months for the number of unique addresses to surge from 100,000 to 1 million.
However, the move from 1 to 2 million took 142 days only, and even more surprisingly, the growth from 2 to 3 million marks took only 78 days.
In addition to this, it should be noted that though there may be 3 million unique addresses, it is important to take note that many users have multiple addresses. So the number of actual users is likely lower than the number of active addresses.