DeFi Records an Important Milestone at The Surge of Cryptocurrencies
On Dec 07, 2020
DeFi gains noble attention from the community. During the year, the DeFi sector attracted a record amount of money and users.
As you might know, the usage of cryptocurrencies and decentralized finance (DeFi) is getting accepted by the people. This acceptance mirrors itself on the statistics and overall trends. According to Dune analytics, DeFi users has passed 1 million users. It can be considered an important milestone for the DeFi. Each new user will bring power to the DeFi. They will invest, lend, and borrow currency on the different platforms that operate on the Ethereum blockchain.
Although DeFi users reached 1 million levels, it may not display the real situation of the platform. People can use different user accounts for various reasons, such as privacy. In the statistics, all the accounts counted. So those accounts can belong to the same people. Also, there can be cases that they opened the user account, and they do not use those accounts at all.
DeFi Can Be More Powerful
DeFi does not fade out during the crypto boom as we experience these weeks. Bitcoin proves itself as a valid and sound cryptocurrency that people can rely on it. Ethereum blockchain, on the other hand, fuels many DeFi projects. It helps the DeFi field to grow up and stabilize its place in the financial markets.
Total value locked is increasing, although people do not use accounts actively. According to the DeFi Pulse, TVL was the highest on 4 December with $14.803 billion. Today the value is $14.69 billion. If we compare the data, we can see that the highest TVL was recorded when the number of accounts passed 1 billion.
We can conclude that the DeFi sector will go forward if the participant becomes more active in the platform. Many people use DeFi as speculative tools to get some profit. People buy some assets and lend and borrow money, but they are few. If people begin to use it daily for daily financial activities, then the power of DeFi will reach a new level.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.