Which are the 5 most popular DeFi applications by number of users? DeFi applications remain one of the most lucrative and controversial sectors in the crypto industry.. Various platforms are worth multi-million dollars, while others are hacked and their funds are seized.
How is the popularity of DeFi apps measured?
See:The safe-haven for money BTC argument is getting stronger – USA $3 Trillion borrowed
Measurement of popularity by number of users
Measuring with the total value locked (TVL) of the asset invested in the apps, as the fluctuating ETH/USD parity can have a big impact on the measurement, not the best indicator for determining popularity.
Furthermore, DAI locked in smart deals also distorts the real picture. For example, a few whales may be the real reason for the big shift in TVL.
Instead, determining the total number of users of the app is a more accurate indicator of the project’s place in the DeFi ecosystem.. The number of users using a platform is also more difficult to manipulate.
If one looks at TVL alone, it may not be noticed that a handful of addresses contribute to the size of the figure.
For example, a single CDP at the time of writing owner owned 127,274 ETH, worth roughly $26.3 million. Such a user can skew TVL metrics.
This way, ranking platforms can determine which types of services attract more users.. This provides a potential glimpse into the future of the ecosystem.
And here are the top 5 DeFi apps by user count:
1-Kyber Network
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Kyber Network ranks first among the top 5 DeFi applications by total number of users. With 63,938 users, it is the most popular app on-chain.
The platform has made a big breakthrough this year, both in terms of DEX usage and other metrics, despite concerns about centralization.
2-Uniswap
A fully decentralized protocol providing automatic liquidity on Ethereum. Uniswap has 54,256 users.
Earlier this year, Uniswap announced that it has an all-time high in terms of platform liquidity and reserved ETH.
3-Compound
Compound is a money market protocol that allows its users to earn profits and lend crypto assets against collateral.
27,910 registered users so far. And it has taken major strides towards complete decentralization.
4-OpenSea
Although not the largest, OpenSea is among the top 5 DeFi applications with 18,776 users in terms of crypto collections. The largest market.
The platform recorded a trading volume of $178,834 in the last week of April.
5-MakerDAO
Secured loan protocol 14,954 users registered so far. And 5 in the field. great DeFi application.
Despite raising $6.3M in volume in the last 24 hours, MakerDAO has entered a major liquidity crisis. And it deals with problems of centralization.
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