News

Ethereum DeFi ecosystem smashes 2 million users

BTC Peers Reporter

Apr 29, 2021 — 1 min read

The number of users on Ethereum’s decentralized finance (DeFi) ecosystem has grown to over 2 million users.

According to a chart shared by Dune Analytics, there has been a sharp increase in activity on Ethereum-based protocols within the last two months. The number of unique Ethereum addresses on DeFi protocols has hit 2 million users.

Rising interest in DeFi and NFT products has forced the price of Ethereum to new highs. The digital asset began the year at $738. Today, the price has breached a new all-time high above $2,700.

Speaking of Ethereum-based decentralized applications, these products have witnessed an influx of customers. Some popular protocols that rely on the Ethereum blockchain include Uniswap, 1inch, and stablecoin USDC.

Uniswap is occupying the top spot as the largest decentralized exchange on Ethereum. In the last 30 days, over $2 million has been paid as gas fees for Uniswap transactions.

But while Ethereum is recording impressive numbers, competitors such as Binance Smart Chain (BSC) have also seen even more explosive growth. As reported by BTC PEERS, Binance Smart Chain (BSC) has surpassed Ethereum in terms of daily transactions by about 600%. This is mostly due to transactions on PancakeSwap, an alternative to Uniswap on the Binance Smart Chain.

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