According to DeFi Pulse, the total value locked in decentralized applications to date comes at about $13.69 billion, a remarkable growth from the $11.184 billion locked at the end of October.

Impressive growth has been recorded in the decentralized finance (DeFi) ecosystem despite the imminent crashes the market has experienced. According to a report by Cointelegraph, blockchain analytics firm, Dune Analytics released data shows that DeFi applications in total saw a growth of 55% in its user base from the beginning of October up to Nov. 9, 2020.DeFi creates a whole new niche of markets in a bid to bring the decentralization of financial offerings and services to empower people. DeFi comes with special programming called Smart Contracts which helps to govern the platforms and helps users or participants know what to expect from the market and whatever deal they are taking from it. With customized smart contracts of this nature, DeFi applications have introduced such markets where borrowing and lending now thrive, offering a decentralized exchange to bypass the scrutiny of middlemen amongst others.These markets seem to be growing in popularity as more people continue to troop in. Per the numbers, Dune Analytics revealed that the total number of unique DeFi user-addresses is around 860,000, a 10% growth from the year-ago period. October was a month in which many DeFi tokens saw a decline in their growth, about 40% of new entrants signed up on DeFi platforms thus increasing the user count from 555,000 to 775,000.Per the individual markets, some DeFi projects including Compound and Decentralized Exchange Dydx were responsible for a large portion of the growth in the ecosystem. While Compound’s user base grew by 250% while Dydx saw a 50% growth from early October to November.DeFi Growth Comparison Between MarketsThe market or product offering of some DeFi applications overlap and this breed market competition in the emerging DeFi markets. While Compound’s growth beats that of Dydx in terms of percentages, the lending protocol’s growth also beats that of Uniswap with the addition of 135,000 new users against the 110,000 of Uniswap over the past month each.Uniswap also improved on its own performance by increasing the total number of market pairings on its platform by 34% from 16,200 to 21,700, over 30 days. In addition, Dune analytics projected that about 9.4% of the total users who engaged in DeFi activities in the time under review totaling about 81,000 people did so on Uniswap. With Uniswap accounting for about 63.6% of daily DEX trade, followed by Curve with 12.2%, SushiSwap with 8.64%, and 0x with 7%. These four exchanges make up more than 91% of the total DEX volume.According to DeFi Pulse, the total value locked in decentralized applications to date comes at about $13.69 billion, a remarkable growth from the $11.184 billion locked at the end of October. With new projects being rolled out and innovations mounting, the continuous advances in DeFi and their large embrace shows that the ecosystem is just but getting started. next Share:

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