DeFi hype: growth in Ethereum (ETH) addresses almost three times higher than in Bitcoin (BTC)

The crypto market is constantly evolving and the number of active wallet addresses is growing accordingly. But the growth of active Ethereum addresses is currently growing more than twice as fast as the number of Bitcoin addresses. The huge increase is likely to have a reason.

Ethereum addresses: 145% more than at the beginning of the year

Because the current hype around DeFi - decentralized finance - does not end for the time being. New DeFi projects are currently springing up every day, as was last seen in 2017 during the great ICO boom. The next few weeks and months will show whether the majority of DeFi projects suffer a similar fate.

It is clear that the hype about decentralized finance brings with it an enormous growth in active Ethereum addresses. Because the tokens of the projects do not have their own blockchain, but are mostly so-called ERC-20 tokens. So they are based on the blockchain of the second largest cryptocurrency in the world Ethereum (ETH).

As the data from Messari show, the number of active Ethereum addresses (white) has more than doubled since the beginning of the year with growth of 145%. The number of active Bitcoin addresses (orange), on the other hand, has only increased by 49%.

Source: messari.io

At the beginning of the year, the number of active Ethereum addresses, according to Messari, was less than 250,000. Due to the current strong growth, triggered among other things by the DeFi hype, this number has increased to 570,000.

97,5% of the volume by Ethereum Dapps

Dapp.com confirmed in a new report that a large part of the decentralized applications are based on Ethereum. According to their research, applications based on Ethereum account for 97,5% of the volume in June for dapps.

More than $ 2,29 billion USD is now spent in DeFi applications. For comparison: At the beginning of the year it was $ 700 million, at the beginning of 2019 it was only $ 240 million.

Source: defipulse.com

According to data from Defimarketcap.io, the coin market cap for DeFi tokens, the number of tokens for decentralized applications is now more than 1,000. The market capitalization of all DeFi tokens is $ 8 billion USD. The cryptocurrency compound (COMP) takes first place.

Compound (COMP) explodes: 200% price increase after Coinbase listing announcement

Markus from Kryptokumpel.de
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