DeFi is growing at breakneck speed, and thousands of new users have jumped in on the action in recent weeks.
According to recent data from research platform Dune Analytics, the top decentralized finance protocols have shown spectacular growth since June 1.
None more so than asset pooling and token swap protocol Balancer, which saw its user base grow by more than 580% in that time. A distant second is the liquidity pool exchange Curve, which saw user growth of more than 170%. All in all, it’s more evidence that DeFi is taking the crypto world by storm, and may eventually lead the breakout into broader crypto usage among the general population.
The Dune Analytics dashboard used to measure DeFi users over time was developed by 1confirmation partner Richard Chen and includes 20 of the most popular DeFi protocols, all of which have recorded at least some growth since the end of May. Dune Analytics allows users to create their own dashboards tracking statistical data within the blockchain ecosystem, like Ethereum gas prices or decentralized exchange (DEX) metrics.
Additional DeFi products posting impressive user gains include decentralized exchange aggregator 1inch at 43% growth, asset lending protocol Compound at 40%, and Uniswap at 37%.
Compound recently began distributions of the COMP governance token, giving the community control over the development and future of the decentralized protocol. In May, Uniswap released an upgrade enabling lower swap fees and a host of new features including price oracle functionality and flash loans. Read More