Users increase but only five DeFi projects account for 94% of blocked funds

 

The total number of users participating in the decentralized funding protocols (DeFi) has increased by more than 140% since it exceeded six figures for the first time in January.

According to data published by Dune Analytics, the total number of DeFi users was just under 240,000 as of 6 July – up more than 20% in the last month.

The total value of capital locked up in DeFi protocols also surpassed $2 billion just six months after exceeding $1 billion for the first time.

Despite the increase in users, five projects represent the vast majority – approximately 94% – of DeFi’s blocked capital.

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DeFi users increase
According to Dune Analytics, Uniswap and Kyber Network are the leading DeFi groups by total number of users, having attracted over 92,000 and 82,000 respective users in less than two years of operation.

While Kyber has grown more than 130 percent this year, Uniswap has almost quadrupled its user base since January.

Compound also saw a significant peak in the last month, registering a 35% increase from 30,000 users to over 40,000 in the last 30 days.

Smaller projects have also seen exponential growth over the last month, with Bitcoin System growing by nearly 400%, from 1,700 to 8,350, and Curve increasing by 160%, from nearly 2,200 to 5,700.

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Over $2 billion blocked in DeFi
The recent wave of new users significantly increased the amount of capital locked up in DeFi projects.

The success surrounding the recent launch of Compound’s governance token, COMP, allowed the protocol to surpass MakerDAO (MKR) as the top DeFi project for blocked assets with $673.4 million, according to DeFi Pulse.

Maker is in second place with $604.3 million, followed by Synthetix with $333 million, Balancer with $158.8 million, and Aave with $155.8 million.

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Between them, these five projects represent 94% of DeFi’s total blocked funds.