Only 1% of Ethereum Addresses Are Currently Using DeFi: ConsenSys Report



DeFiOnly 1% of Ethereum Addresses Are Currently Using DeFi: ConsenSys ReportAs of April 1st, 2021, there were 146 million unique Ethereum addresses, 16 million more since the beginning of the year. However, only 1% of these addresses are using decentralized finance (DeFi).By the end of quarter first, 1.75 million unique addresses had used at least one DeFi protocol, despite DeFi users growing by 50% this quarter and a 10x increase from the end of Q1 2020, states the latest report on the DeFi sector by ConsenSys.The growth of DeFi represents the increasing demand for the sector, increasing the median gas price to 50% in ETH and average transaction fees to spike 4.2x.In Q1 2021, Ethereum’s total fees were double of the Bitcoin blockchain. This gap continues to widen between both the blockchains, with Ethereum generating more than 850% fees daily than Bitcoin this month. Even leading AMM, Uniswap is doing more in fees than the largest network.Due to the persistent issue of high fees, developers are moving to layer 2 solutions such as Polygon (MATIC), Optimism, and Starkware’s STARK-based roll-ups.Within DeFi, each sector gained a 50% increase in users in the first quarter. DEX volume increased 2.5x to $63 billion, and outstanding loans rose 3x to $10.8 billion.The report further covered NFTs, which saw a meteoric rise due to the coronavirus pandemic, which left 62% of artists unemployed. NFTs are about 10% of global art sales, it noted.Now, in Q2, the trends to watch, according to ConsenSys, involve DAOs investing in NFTs and Flashbots dominating the Ethereum Network.Ethereum/USD ETHUSD2,274.4929$108.954.79%Volume 61.31 bChange $108.95Open$2,274.4929Circulating 116 mMarket Cap 263.84 bAnTyAnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.



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