The last few months have been hectic for decentralized finance (DeFi). And it is that, thanks to a surprise boom in its price, the projects dedicated to this sector of the crypto world reached enormous popularity, inside and outside the Blockchain ecosystem. Attracting thousands of people from around the world, to the point where DeFi now reaches 967,000 active users in sector projects.
Since 2017 the crypto world had not witnessed an event like the DeFi fever. And it is that, from mid-July to the end of September, the sector of decentralized finance experienced an unprecedented boom. With the main projects in the sector increasing their prices exponentially in just a few days. In a rally that could only be compared to the one experienced by the Initial Coin Offerings (ICO) in 2017.
This boom in DeFi was caused by the decision of Compound, one of the most famous DeFi applications, to launch a governance token. A movement that was copied by other projects, causing the entry of millions of dollars from investors. Which were attracted by the possibilities offered by these governance tokens.
This led to a real stampede into the DeFi market. As large investors temporarily left other crypto markets, aiming to enter decentralized finance before the bubble that was being created around their value eventually burst. Significantly increasing the number of users who make use of the services of the DeFi applications.
An increase in users
Thus, according to data compiled by DuneAnalytics, the number of users participating in the main DeFi projects reached the figure of 967,000. With the vast majority of them making use of Uniswap services. DeFi protocol that with more than 500,000 users around the world.
For its part, in a distant second place would be Compound. The protocol responsible for kicking off the DeFi boom in mid-July, which is used by around 150,000 users. Quite a long way from Uniswap, but still with a significant proportion of all users involved in decentralized finance.
The rest of the users of DeFi projects are distributed between Kyber with 106,000 users, Tinch with 31,900, OpenSea with 29,100, Aave 28,100, and Yearn.Finance with 24,900 users. While the rest of the protocols in the sector would have even lower user figures.
These data allow us to observe not only that the use of decentralized finance is not yet remotely as massive as it would have to be to compete with traditional finance. If not, most of the active users in the sector contribute a significant amount of capital. This is easily noticed when you consider that less than a million users have more than 12 billion dollars locked between the different projects in the sector.