DeFi is attracting 2.91 million Ethereum addresses, ConsenSys says

By the end of June 2021, 2.91 million unique Ethereum addresses had interacted with at least one DeFi protocol, up 65% from the previous quarter. “As community-driven education, simple interfaces, attractive returns, and general awareness of DeFi best practices increased during the quarter, so did the number of new directions,” the report said.

ConsenSys cautioned that unsecured wallets like MetaMask make it easier for users to create and fund multiple accountswhich means that the number of addresses and users are not perfectly matched. However, MetaMask can be seen as another important indicator for detecting trends in DeFi. As ConsenSys noted, through June 1st MetaMask’s monthly active users have exceeded 7.3 million. The report stated:

“This is partly due to the growth of DeFi applications on other Ethereum Virtual Machine (EVM) compatible networks that users can access through MetaMask, such as BSC and Polygon.”

MetaMask, published by ConsenSys in 2016, has become one of the most popular cryptocurrency wallets for DeFi users. Its popularity has also been linked to the increased adoption of decentralized exchanges such as Uniswap.

DeFi is attracting 2.91 million Ethereum addresses, ConsenSys says
DeFi is attracting 2.91 million Ethereum addresses, ConsenSys says

As expected, eDeFi’s growth has been accompanied by a dramatic increase in Ethereum addresses. At the time of writing, the Ethereum network had more than 165 million unique addresses, according to etherscan, up from 131 million at the beginning of the year. As such, Active DeFi addresses make up less than 2% of all Ethereum addresses.

In addition to active addresses, the stablecoin supply is another important metric that ConsenSys uses to track DeFi growth:

“The supply of stablecoin continued to grow rapidly in the second quarter of 2021 and now equates to a total issuance of nearly $ 65 billion, more than 60% since the end of the first quarter of 2021.”

At the end of the second trimester, Tether’s USDT accounted for 48% of the Ethereum stablecoin market. That’s a decrease of about 58% at the end of the first quarter. This indicates a growing use of USDT’s main competitors.

Some of the other major issues identified in the report are the expansion of decentralized exchanges, the institutional push towards DeFi, and the apparent growth of decentralized autonomous organizations.. The report also spoke about the growing importance of token governance and the need to address DeFi’s scaling issues.

The Ethereum (ETH) network remains a major driving force behind decentralized funding. indicates the continuation of a trend that began in mid-2020, according to a new quarterly DeFi report from ConsenSys.

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