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The number of DeFi users on Ethereum reached a new all-time high of 4 million



Data from Dune Analytics shows that the number of users of decentralized financial products ( DeFi ) on Ethereum has reached a new all-time high of over 4 million. The number of users has risen sharply since the beginning of the year.


The total number of users in the DeFi area on Ethereum has reached a new all-time high and exceeded the 4 million mark in the last week of November 2021. The data comes from Dune Analytics , which also shows that Uniswap is by far the most popular DeFi platform on Ethereum .


Uniswap has over three million users (as of November 2021) and is the most popular DEX on the market. Other platforms and projects that contribute significantly to the use of DeFi include SushiSwap, Compound, Aave, Balancer and MakerDAO. Most of them have a user base of more than 300,000.


Market analysts and DeFi users will not be surprised by this milestone as it is the result of the steady growth of the DeFi area. The data itself is good evidence of DeFi's extraordinary growth , which accelerated rapidly in the fourth quarter of 2020 - the number of users grew roughly 8-fold in one year.


The sector has also caught the attention of regulators, with DeFi loans appearing to be of particular interest to lawmakers. So far there is no law that regulates the market. But that could change if regulators gain even more leverage over the market in the future.


DeFi is also taking off in other networks

Ethereum is something like the home of DeFi , but that could change soon. Because several next-generation blockchain networks already offer higher throughput and lower transaction / gas fees. 


There are more and more decentralized financial products on both Solana and Cardano , which could promote the acceptance of ecosystems. Due to the improved performance, these networks certainly have an advantage, although Ethereum 2.0 upgrades are also in preparation. Ethereum and the Binance Smart Chain are particularly popular. However, we see projects like Cardano expanding strongly. DeFi TVL (Total Value Locked) has increased by over 800% since 2021, reaching a value of $ 200 billion in October 2021. No decline in growth is expected for the next year, as further technological improvements are inevitable.

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