Dune Analytics now has over 4 million Ethereum addresses that have previously utilized one or more DeFi protocols. However, Dune believes that the number of real users may be overestimated because a single user might have many addresses.

Uniswap, a decentralized exchange, leads the pack by far, with about 3.3 million addresses, followed by SushiSwap and 1Inch, which have 400,000 and 370,000 addresses, respectively. Compound, the lending protocol, has 330,000 addresses and is the largest DeFi protocol that is not a DEX.


Total Value Locked (TVL) figures appear to correspond to user growth.’s TVL has increased from 23.5 billion USD on December 1, 2020, to 106.5 billion USD now.

MakerDAO leads the race in terms of TVL with 18.9 billion USD, followed by Curve Finance (15.2 billion), Aave (12.4 billion), InstaDApp (12.1 billion), and Compound (12 billion) (11.8 billion). Uniswap’s automated market makers, on the other hand, only have 8.3 billion USD in TVL.

DeFi governance tokens have also grown in popularity. Over the previous year, the DeFi Pulse Index, which measures a weighted average of 18 tokens, has climbed by 168.2 percent.

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