DeFi Users Surge By More Than 500% On Ethereum This Year

  • The Ethereum dApp ecosystem has seen some big gains throughout 2019.
  • DeFi was the stand out category though which saw the most growth over the year.
  • Its user numbers saw a rise by around 530 percent in 2019, which is a massive feat!

The Ethereum dApp ecosystem has seen some big gains throughout 2019, particularly in the second half. This comes from a Dappradar report which showed user numbers increase in a big way across nearly all categories since June. DeFi was the stand out category though which saw the most growth over the year. In fact, its user numbers saw a rise by around 530 percent in 2019, which is a massive feat! 

As per CryptoSlate:

“While Ethereum, the world’s second-largest cryptocurrency and blockchain network, certainly hasn’t been the worst performer of the year, it failed to deliver any significant improvements this year. A declining price and a massive loss of confidence in the network have put a toll on the system, which seemed to be a punching bag for Bitcoin maximalists for the better part of the year.”

The ecosystem of dApps within the Ethereum network was seeing significant progress despite ETH trailing behind. If you’re planning to deploy your own dApp then Ethereum has been dubbed as the most popular blockchain to do it on.

One specific growth trend was decentralised finance (DeFi):

“The headline success was in the DeFi category, which although remaining small in terms of users, experienced spectacular growth in terms of the value of asset secured.”

Over the course of this year, we’ve seen big things happening with DeFi. User activity has seen a surge which is a good indicator of dApp category’s popularity.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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