ConsenSys' Q65 report shows 343.000% growth for DeFi, as total value moved through these protocols reached $XNUMX billion.
The cryptocurrencies, and technology blockchain brought with them endless opportunities of value for everyone, but decentralized financial ecosystems, also known as DeFi, despite their high level of volatility, are beginning to flourish as the future of finance, due to the ease they offer in accessing financial services.
According to the last report From the American blockchain-based software development firm ConsenSys, every day an increasing number of investors are becoming aware of the importance and value that these decentralized financial ecosystems encompass.
ConsenSys reveals that nearly 2,91 million Ethereum addresses have been interacting with decentralized finance protocols at least once, reflecting a 65% growth in the number of users participating in this financial ecosystem. Likewise, the total volume of money traded through DeFi reached $343.000 billion, surpassing that of Coinbase in the first quarter.
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65% growth in the last quarter
One of the highlights of ConsenSys’ report is that the growth in the number of active Ethereum addresses in DeFi skyrocketed in Q161. The data shows that there are 1,8 million unique active Ethereum addresses to date, and 65% of these have been engaged in DeFi. Compared to the previous quarter, the number of Ethereum addresses in decentralized finance ecosystems has grown by XNUMX%.
Source: ConsenSys
On the other hand, ConsenSys points out that the number of active users in Dappradar, the most used non-custodial wallet to interact with the dapps and Ethereum's decentralized protocols, had a total of 7,3 million active users by the end of July.
Decentralized exchanges
In the second quarter, the protocols of DEX, or decentralized exchanges in DeFi, moved more value than almost the entire sum of their previous months, with an impressive figure of 343.000 billion dollars. The blockchain software company highlighted that this volume of money surpassed that of Coinbase, the second cryptocurrency exchange by volume and the first high-profile one, in the first quarter of this year, which reached 335.000 billion dollars.
Regarding centralized exchanges, ConsenSys highlighted that they see DEXs as a potential threat to their business, although the trading volume within decentralized exchanges is still low compared to that moved by Binance, for example.
On the other hand, of all the DeFi DEXs, the one with the highest trading volume is Uniswap, which is dominating close to 66% of all the money being traded in the DeFi ecosystem.
Source: ConsenSys
The company clarifies that it does not compare the trading volume on DEXs in the second quarter of this year with the trading volume on Coinbase in the same period because the company has not yet published its financial results, and therefore, one must wait for that report to obtain accurate data. ConsenSys points out that the decentralization of DEXs is a great advantage within the crypto industry, as it allows access to real-time data, free from any possible manipulation.
Institutional growth
As ConsenSys explains, the data shown reveals that the world of DeFi has moved and evolved greatly since its inception, so institutional adoption is something that is already on the horizon.
“Based on the data and analysis presented, it is no exaggeration to say that the entire financial system is being rebuilt from the ground up with more security, transparency, and cross-protocol collation capabilities.”, the company said.
The investment opportunities offered by decentralized finance ecosystems are attracting not only retail investors, but also Wall Street and institutional investors, who see new opportunities to generate value within these ecosystems.
Continue reading: Aave Pro, Aave's tool to bring institutions into the DeFi world
