Crypto exchange platform Binance’s research on Defi observed that Ethereum was more focused towards Defi than other blockchains.
Binance’s research on Defi growth
The report analyzed data regarding decentralized finance (Defi) as well as decentralized applications (DApps). The report analyzed data provided by DAppReview coupled with the recent events happening in the Defi ecosystem. The report was mostly focused on the Ethereum network as this blockchain had a greater focus on decentralized exchanges (DEX) and financial apps such as smart contracts.
The report noted that the Defi ecosystem was growing rapidly as the space saw the entry of over 40,000 new users every month. Although only a fraction of these users used financial apps while others flocked to DEX platforms, the ecosystem still expanded.
The number of users of these financial applications increased from below 5,000 in January to nearly 26,000 users by December. Ethereum’s DeFi space remained small as over 90 percent of all new users flocked to DEX platforms. Read More...