Number of users engaged with DeFi [Decentralized Finance] protocols has hiked by over 140%, since exceeding 6-figures for the primary time in January.
In line with recent data published by Dune Analytics, the entire number of DeFi users was just shy of 240k as on 6th July – increasing by over 20% within the past month.
The total value of capital locked up in DeFi protocols has also exceeded over $2 Bln in just 6 months after breaking above $1 Bln for the very primary time.
Despite the surge in users, just 5 projects account for the overwhelming majority – roughly 94% – of capital locked up in DeFi
Increasing Adoption Of DeFi Among Users
In line with Dune Analytics, Uniswap and Kyber Network comprise the highest DeFi pools by total number of users, having attracted over 92k and 82k respective users within just 2 years of operations.
While Kyber has grown by over 130% just within this year, Uniswap has nearly quadrupled its user base since January.
Compound also saw a big spike over the past month, posting a 35% hike from 30k users to over 40k over the past 30 days.
Some similar smaller projects have also seen exponential growth over the past month, with Balancer growing nearly 400%, from 1,700 to 8,350, and Curve observing a hike from 160%, from nearly 2,200 to 5,700.
Expanding Sum Of Capital Locked Up In DeFi Projects
The recent introduction of new DeFi users has significantly expanded the sum of capital locked up within the DeFi based projects.
Hype surrounding the recent launch of Compound’s governance token COMP has seen the protocol overtake MakerDAO [MKR] as the leading DeFi project by locked assets with $673.4 Mln, consistent with DeFi Pulse.
Maker ranks 2nd with $604.3 Mln, followed by Synthetix with $333 Mln, Balancer with $158.8 Mln, and Aave with $155.8 Mln.
Between them these five projects account for 94% of the entire funds locked in DeFi.