While many decentralized financial tokens have suffered heavy losses over the past month, leading to hastily drafted obituaries about the DeFi bubble, metrics that measure user activity have seen continued industry-wide growth.
According to the crypto market data aggregator Dune Analytics, the total number of unique DeFi user addresses is around 860,000, an increase of around ten times over the previous year. However, this number is cumulative and users may have more than one address.
Although many DeFi tokens saw a significant drop in value over the past month, the sector’s user base rose almost 40% in October, from around 555,000 to 775,000.
Another 85,000 users joined DeFi in the first eleven days of November, increasing the number of users by 11% in less than two weeks. Overall, this means that the number of DeFi users has increased by 55% since the beginning of October.
Lending Protocol Compound and Decentralized Exchange Dydx were among DeFi’s biggest winners, increasing their user base by 250% and 50% respectively over the past 30 days.
Compound’s absolute growth of 135,000 new users last month even exceeded the 110,000 attracted by leading DEX Uniswap.
The number of markets hosted on Uniswap is also growing rapidly. The number of pairings on the platform increased by 34% from around 16,200 to 21,700 within 30 days.
Dune estimates that nearly 81,000 users interacted with Uniswap in the past week – that’s 9.4% of all unique addresses for working with the entire DeFi sector.
Uniswap currently accounts for 63.6% of daily DEX trading, followed by Curve with 12.2%, SushiSwap with 8.64% and 0x with 7%. Thus, only four exchanges account for more than 91% of the total DEX volume.