DeFi the odds: Total user numbers up 55% in just six weeks

DeFi the odds: Total user numbers up 55% in just six weeks

While many decentralized finance (DeFi) tokens suffered heavy losses last month — prompting hastily written obituaries about the DeFi “bubble” — metrics measuring user activity saw sustained sector-wide growth.

According to crypto market data aggregator Dune Analytics, the total number of unique DeFi user-addresses is around 860,000, an increase of roughly 10 times over the past year. Note: that’s a cumulative figure and users might have more than one address.

Unique wallets engaging with DeFi over time: Dune Analytics

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Despite many DeFi tokens shedding significant value last month, the sector’s user-count increased by nearly 40%, from roughly 555,000 to 775,000, during October.

A further 85,000 users joined DeFi during the first 11 days of November, increasing the number of users by 11% in less than two weeks. In total that means DeFi user numbers have grown 55% from the start of October.

Lending protocol Compound and decentralized exchange (DEX) Dydx were among the DeFi’s strongest gainers, increasing their user

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