DeFi Ecosystem Continues to Grow at an Enviable Pace

The ecosystem of decentralized finance (DeFi) is on a roll. It is among the most rapidly growing segments in the cryptocurrency sphere. According to the latest DeFi News, the total number of wallets in the DeFi has crossed the two-million milestone. Dune analytics (a platform involved in mapping and analyzing cryptocurrency platforms) released the figure and mentioned that the previous milestone of one million wallets was achieved by the segment in December last year. It is heartening to witness that the number of wallet addresses on the Defi domain has just doubled within five months. 

This two-million mark is an overestimated figure as any individual can virtually enroll for unlimited numbers of wallet addresses. Still, the number is very encouraging, and the growth of 100% in less than five months testifies to the growing support and acceptance of DeFi among target users. 

Another attestation of DeFi’s growing popularity is the all-time high lending value that Ethereum-based platforms have been able to achieve in the past months. According to Messari, the lending platforms based on Ethereum have achieved a new milestone in their growth story. Compound (COMP), Aave, and MakerDAO (MKR) and other popular lending platforms reached a collected figure of $25 billion in lending for the first three months of the Year 2021. The total amount of outstanding loans has also reached its peak with the majority of loans belonging to the Aave and MakerDAO. 

DeFi Pulse, which monitors Ethereum blockchain, revealed that the total value locked in the DeFi platforms is estimated to be around $55 billion, which is about 11% down from the highest value of $62 billion that the segment had recorded on 15th April. It is worth mentioning that the total number of USD values locked in DeFi have decreased, although DeFi projects today have more ETH locked in, with the total number pegging at around 10.74 million. Among other platforms that are built on Ethereum, Uniswap, Curve Finance, and SushiSwap have got $6 billion, $5.32 billion, and $3.87 billion locked on their platforms, respectively.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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