Only 1% of ETH Addresses Use DeFi Despite a 50% Growth in Q1, 2021

The Decentralized Finance (DeFi) space continues to attract interest and Q1, 2021 data reveals the massive growth of the space.

The latest report looks at the Ethereum ecosystem in the first 3 months of 2021 to help us understand the rate of adoption for DeFi.


SEE ALSOMetaMask Grows Over 500% Surpassing Over 5 Million Monthly Active Users in the Past 6 Months – Nigerians Among Leading Users


Below is a highlight of the Q1, 2021 report:

  • There was a 12% increase in unique Ethereum addresses – This translates to 16 million new ETH addresses during the quarter
  • MetaMask, the leading wallet in DeFi, grew from 1.75M to over 5M users
  • DeFi users grew by 50% during the quarter – 10x increase from Q1, 2020
  • Only 1% of the total Ethereum addresses used DeFi protocols
  • Median gas price increased roughly 50% in ETH – 2x the fees of the bitcoin blockchain
  • ETH price increased, on average, from $5.4 to $22.9 – A rise of approximately 4.2x
  • Total supply of stablecoins on Ethereum increased by close to 2x – from $19.5B to $37.4B
  • Stablecoin supply increased almost 7x from $5.5B in Q1, 2020 to $37.5B in Q1, 2021
  • Total stablecoin supply in all of DeFi increased more than 4x from Q4, 2020 to Q1, 2021 to reach approximately $42B
  • DEX volumes increased by 2.5x from approximately $25B in Q4, 2020 to $63B in Q1, 2021
  • UniSwap volumes increased by almost 1.6x from $5B to around $7.8B
  • Interestingly, SushiSwap saw weekly volumes decrease by about 27% from around $2.6B to approximately $1.9B
  • Outstanding loans in DeFi increased by 3x from around $3.6B to $10.8B
  • There was a 2.75x increase in the worth of assets in USD borrowed – from $2.75B to $3.3B
  • Total outstanding loans on Aave increase by almost 2.4x from $670M to $1.6B
  • Total Valued Locked (TVL) on Layer 2 increased 7.1x from $38.4M to $273.4M
  • The NFT art marketplace grew 9x from $52.3M in Q4, 2020 to $490M in Q1, 2021
  • Art NFTs represented only 11% of th overall NFT market distribution
  • 12 mining pools accounted for over 58% of Ethereum network hashrate – all using flashbots for mining


Learn how to participate in the DeFi space via MetaMask below:


RECOMMENDED READING: Emerging Markets Like Africa Made Up Only 10% of the DeFi Traffic in February 2021, Latest Report Shows


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