The decentralized finance ecosystem has noted serious growth over the past year and a half. It is an overall bullish trend, as far as DeFi is concerned. Looking at the current statistics, one has to wonder when the peak will be reached.
Continuing the DeFi Trend
Based on the statistics by Dune Analytics, the DeFi industry is in a very good place. Despite little to no interest in this industry up until January 2019, things have certainly changed ever since. This steep growth seems unsustainable, but the opinions will remain divided on this front.
The chart above depicts the overall number of DeFi users, excluding those who hold Dai. That is a very interesting approach by the analytics firm.
Even so, it shows that more and more people are finding their way to decentralized financial services and solutions. With over 230,000 users exploring options to date, things are bound to get very interesting. Adding the Dai users, there are over 600,000 decentralized finance users to date.
Exploring Different Options
What is rather interesting is how all of the tracked DeFi offerings note ongoing growth. In some cases, such as Balancer, it is a sudden growth spurt. That is normal, as this solution was only launched fairly recently. Attracting new users in an ever competitive space requires a very solid product.
So far, Dai remains the most actively used “product” in the decentralized finance space. It has recorded over 387,000 holders to date. This does not mean that all of these users are still holding Dai at this time, however. It just goes to show that this stablecoin had a first-mover advantage.
One project noting a slight flattening of the curve is InstaDapp. It is still a powerful project with ample potential. For those looking to begin DeFi yield farming, IntaDapp is one of the most straightforward platforms to explore. However, its overall growth has slowed down since March 2020. That is not a bad thing, but it is something to keep an eye on.
Overall, there is still plenty of room for future growth in the DeFi space. Which project will come out on top by the end of the year, remains undecided.
Evolving and adapting will prove crucial in this particular industry. Competition is fierce, and there is no time to stand still.