While many decentralized financial tokens suffered heavy losses in the past month, prompting you to quickly write an obituary about the DeFi bubble, calculations measuring user activity have shown steady growth across the industry.
According to Dune Analytics’ Encrypted Market Data division, the total number of unique addresses for DeFi users is around 860,000, nearly 10 times more than last year. However, this number is cumulative and users can have more than one address.
While many of the DeFi tokens dropped significantly in value in the past month, the sector’s user base increased by almost 40% in October, from 555,000 to roughly 775,000.
Another 85,000 users joined DeFi during the first 11 days of November, increasing their user base by 11% in less than two weeks. Overall, this means that the number of DeFi users has grown by 55% since the beginning of October.
Lending Protocol Dydx Composite and Decentralized Exchanges have been some of the strongest winners on DeFi, growing their user base by 250% and 50% respectively in the last 30 days.
The absolute growth of the pool exceeded 135,000 new users last month to 110,000 users through leading DEX Uniswap.
Total users on Uniswap and Compound: Dune Analytics over time
The number of markets listed on Uniswap is also growing rapidly, with the number of pairs on the platform increasing by 34%, from about 16,200 to 21,700 over a period of 30 days.
Dune estimates that nearly 81,000 users have interacted with Uniswap in the past week, equivalent to 9.4% of all titles unique to the entire DeFi sector.
Uniswap currently accounts for 63.6% of DEX daily trading, followed by Curve at 12.2%, SushiSwap at 8.64% and 0x at 7%. Thus, only four exchanges account for over 91% of the total DEX volume.