Uniswap, Compound and Kyber Network are the DeFi protocols with the highest number of users in the Blockchain ecosystem as revealed by the analysis signature.
The growth of the DeFi sector in the Blockchain ecosystem continues to grow, and one sample is the number of users that make use of the main protocols focused on decentralised finance, which covers almost one million users according to data estimated by DuneAnalytics.
While the data shown in the above tweet may be overestimated because a user may have multiple addresses, it is not surprising that given the diversity and size of the ecosystem, the number is not far from reality.
Furthermore, its growth in total blocked value (TVL) during 2020 has been totally exponential, going from USD 675.59 million to USD 12.42 B of TVL among the main protocols, according to DeFi Pulse.
Uniswap the leader
The DeFi project has been one of the first to appear on the Blockchain scene, which recently assessed the loyalty of its users with an airdrop of 400 native tokens of its platform for all those who had made use of its protocol in the last year.
Uniswap runs on the Ethereum, born in November 2018 and developed thanks to a USD 100,000 grant to the developers by the Ethereum Foundation.
Uniswap is currently one of the best protocols for executing swaps between tokens generated on the Ethereum network, and according to DeFi Pulse, the decentralized exchange is the dominant one in the sector with 22.33% domain among DeFi protocols, with a TVL of USD 2.77B.
In second place is another long-standing project in the sector, Compound. Founded in 2017 in San Francisco by Robert Leshner and Geoff Hayes, the platform envisages an open crypto-currency protocol to create financial exchange markets with interest rates based on their assets.
With $8 million in its funding round, Compound now has an estimated user base of 150,000 users according to DuneAnalytics and is the second largest according to the firm in terms of active users.
Its market capitalisation is around USD 332 million and an estimated LTV of USD 1.31 billion according to DeFi Pulse.
Compound is a platform of pŕestamos with an internal COMP token for the governance of its protocol and where there are other internal tokens that allow the necessary liquidity for its operation.
Its main objective is to allow the user to deposit and borrow crypto-currencies, while earning interest while doing so.
Its key lies in the ability to create liquid money markets for cryptomonies by establishing interest rates and using algorithms that adjust these values in real time in a decentralised manner.
In June 2020, the blocked value of the protocol took a huge leap from 101 million dollars to just over 900 million dollars in just a fortnight.
At the bottom of the three main DeFi protocols by number of users to date according to DuneAnalytics, we find Kyber with just over 106,000 estimated users.
Kyber’s project is a chain liquidity protocol that, like its Uniswap pair, generates exchanges between tokens mainly of Ethereum – although not limited to this one -, with the difference that it uses other DEX such as Oasis, Bancor or Uniswap to achieve this ’swap‘, using the exchange that offers the best exchange rate to achieve the task.
Its use aims to offer users a gateway to the best liquidity pools to achieve the swaps through a simple interface for the end user that allows you to integrate with any site regardless of its nature: smart contracts, Dapps and vendors.
According to DuneAnalytics, its market capitalisation is around 137 million dollars and it has 17.4 million in blocked value, a value that has increased fivefold since the beginning of 2020.
The list is complemented by projects such as Opensea, MakerDAO, Aave and Balancer, which on average have around twenty thousand active users, but with a significant market capitalisation and a notable blocked value, as is the case with Maker.
The second part of the list is complemented by quite well-known DeFi protocols such as Bancor, Synthetix and Augur, although for the analysis firm its user base is around 10,000 users on average.