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30+ DeFi statistics: how it is weathering the crypto storm

DeFi

invezz.com 17 November 2022 13:59, UTC
  
Reading time: ~8 m

Decentralized Finance, commonly just referred to as DeFi, can be a confusing field for beginners trying to figure out how it relates to financial companies, fintech, blockchain technology, cryptocurrencies, and NFT. In this post, we shall explore the mind-blowing DeFi statistics to help shine more light on how much the industry has infiltrated into our daily use cases.

DeFi refers to traditional financial services and products built on unregulated, decentralized blockchain infrastructure that uses cryptocurrencies to function.

The number of DeFi users worldwide is growing daily and is estimated to reach a few million people considering having an internet connection is all that is needed to access the services of DeFi. Although it is an emerging market, it constitutes a good percentage of the total crypto market.

Top DeFi statistics – Editor’s pick

  • The total value of the assets locked in DeFi protocols s currently worth about $40.5 billion.
  • The blockchain with the highest total value locked (TVL) in DeFi is Ethereum.
  • The DeFi protocol that mints its stablecoin using collateralized lending that has the highest TVL is MakerDAO.
  • The DeFi staking protocol with the highest TVL is Lido.
  • The DeFi lending protocol with the highest TVL is AAVE V2.

DeFi market growth statistics

1. The total value locked (TVL) locked in DeFi is about $40.5 Billion

According to data from DappRadar, the total value of cryptocurrency assets locked in DeFi as of November 17, 2022, is $40.1 Billion.

2. The TVL in decentralized finance has increased by more than four times since July 2020

According to DeFi Pulse, the total value locked in DeFi has increased by more than four times since July 2020. In July 2020, there was about $9.1 billion of value locked in DeFi protocols.

The figure had sharply surged to $25.2 billion at the end of 2020.

3. The TVL in DeFi has dropped by over 78% Year-to-Year (YoY)

According to data on DappRadar, the total value locked in DeFi has plunged by about 78.26% since November 17 2021. On November 17, 2021, the TVL in DeFi was at a staggering $184.47 billion compared to today’s TVL of about $40.1 billion.

4. DeFi TVL reached an all-time high of $253.91 billion on December 2, 2021

According to data from CoinMarketCap, 2021 was the best year for the entire crypto space so far. It is the year when a majority of cryptocurrencies including Bitcoin and Ethereum hit their all-time highs. And while the cryptocurrencies hit their all-time highs, the value of the crypto assets invested in DeFi also spiked to an all-time high of $253.91 billion.

5. The global DeFi market is expected to reach $231.19 billion by 2030

According to research by Grand View Research, Inc., the global decentralized finance market is projected to reach $231.19 billion by 2030 at a compound annual growth rate of 42.5%.

6. North America controlled more than 34% of the DeFi market in 2021

North America where the United States of America sits is one of the world’s largest crypto markets something that seems to bode well for DeFi adoption. In 2021, the region dominated the DeFi market with a share of 34.9% something that is attributed to the presence of prominent DeFi players like Uniswap and Compound.

7. 25% of small businesses would accept crypto payments

The DeFi industry expansion is being fuelled by the degree of transparency and real-time settlement of financial transactions on DeFi networks which is anticipated to open new opportunities.

A survey conducted by Visa on 2,250 small businesses in July 2022 showed that 25% of respondents would accept crypto assets as payment. The increased adoption and acceptance of cryptocurrencies bodes well for DeFi, with Visa projecting that DeFi will lead to new business prospects for traditional banks and other financial institutions in the future.

8. DeFi services in the Asia Pacific are anticipated to increase by 17% in 2022

A survey by YouGov and Visa Inc. (NYSE: V), established that Asia Pacific is anticipated to witness the fastest compounded annual growth rate (CAGR) in 2020. The CAGR in Asia Pacific is expected to be 17%.

9. 21% of Asia Pacific consumers have used DeFi previously

Out of 16,295 adults who participated in YouGov and Visa’s survey in 14 markets across the Asia Pacific markets, 21% said they had used decentralized finance services in the past.

  1. 38% of Asia Pacific consumers are interested to try DeFi in future

Visa’s survey also established that 38% of consumers in Asia pacific would be interested in trying DeFi services in the coming six months.

11. The payment segment is expected to witness the fastest CAGR growth between 2022 and 2030

Due to the disintermediation feature of DeFi that reduce transaction cost, the payment segment of DeFi is expected to witness the highest CAGR between 2022 and 2030.

Top DeFi blockchains statistics

12. Ethereum is the top blockchain in DeFi with a TVL of $32.41B

According to data from DappRadar and DeFiLlama, the total value of crypto assets locked in the Ethereum blockchain accounts for the largest share of the DeFi market. The TVL in Ethereum as of November 17, 2022, stood at $32.41 billion which is more than 80% of the entire DeFi market share.

13. Oasis.app is the largest DeFi protocol on Ethereum

Oasis.app has a TVL of $6.61 billion making it the most extensive DeFi protocol on Ethereum. It is followed by LIDO, Uniswap V2, Aave, Curve, Instadapp, Curve Finance, Compound, Frax Finance, Balancer, Rocket Pool, Liquidity, and dY/dX in that order.

14. The second blockchain in DeFi is BSC which commands $4.27B

Binance Smart Chain (BSC) controls about $4.27 billion of the TVL in DeFi according to data from DappRadar as of November 17, 2022.

15. PancakeSwap is the largest DeFi protocol on BSC

PancakeSwap has a TVL of $2.66 Billion making it the largest DeFi protocol on Binance Smart Chain.

16. Solana stands at number 9 in the rank with a TVL of $266M

According to DeFiLlama, TRON is ranked the third DeFi chain in terms of TVL, followed by Polygon, Avalanche, Arbitrum, Optimism, Cronons and Solana in that order. Solana has a TVL of $266 million.

17. Marinade Finance protocol is the largest on Solana with a TVL of $73.69M

Marinade Finance sits at the top of DeFi protocols that have been launched on Solana. It mainly deals with liquid staking.

The marinade is followed by Quarry, Solend, Tulip Protocol, Orca, Raydium, Saber, Atrix, Serum, and Mercurial in that order.

DeFi lending statistics

18. MakerDAO remains the most popular lending protocol

According to TVL data from DappRadar and DeFi Pulse, MakerDAO is the most popular DeFi lending DApp. It allows users to borrow against ETH using MakerDAO’s native stablecoin called Dai, which is pegged to the USD.

MakerDAO has a TVL of $6.61 billion.

19. Aave V2 is the second most popular lending protocol

Aave V2 has a TVL of $4.33 billion making it the second-largest lending protocol.

Decentralized Exchanges statistics

20. The average daily trading volume on all DEXs is $2.56 billion

According to DefiLlama, the average daily trading volume in all DEXs as of November 17, 2022, stood at $2.56 billion.

21. Uniswap V2 is the largest DeFi decentralized exchange

Uniswap has a TVL of 4.55 billion according to DappRadar, making it the largest decentralized exchange (DEX). Its average daily trading volume is $1.34 billion while its total monthly trading volume stood at $1.34 trillion.

22. Curve is the 2nd largest DeFi decentralized exchange

According to DeFiLlama, Curve has a TVL of $3.73 billion making it the second-largest DEX. Out of the total TVL on Curve, $3.43 billion is on the Ethereum blockchain.

The daily trading volume on Curve averages $354.22 million.

23. PancakeSwap is the 3rd largest DEX

With a TVL of $2.66 billion, PancakeSwap is the second overall largest decentralized exchange. $2.88 billion is locked on Binance Smart Chain.

The average daily trading volume on PancakeSwap is $263.37 million with the total monthly trading volume being $3.7t.

DeFi Bridges statistics

24. The average daily trading volume on all DeFi Bridges is $153.42m

According to data from DefiLlama, the daily trading volume on all DeFi bridges is $153.42 million and the monthly trading volume is $5.26 billion.

25. Multichain is the largest DeFi chain

Multichain, which bridges several blockchains among them Ethereum, Polygon, Fantom, Avalanche, Arbitrum, Optimism, Gnosis, and Celo, is the largest DeFi chain commanding an average daily trading volume of $27.38 million.

26. Polygon PoS Bridge is the second-largest DeFi chain

Polygon PoS Bridge, which bridges between Ethereum and Polygon, is the second largest Chain with a daily trading volume of $23.93 million.

Largest DeFi hacks

27. In March 2022, $624 million after Ronin was hacked

The Ronin hack which took place on March 23, 2022, resulted in the loss of assets worth $624 million making it the largest hack in the history of DeFi. The hack was a result of a compromised Private Key.

28. Poly Network hack of August 2021 is the second-largest DeFi hack

On August 10, 2021, Poly Network was hacked through an Access Control Exploit resulting in a loss of $611 million.

29. Binance Bridge was hacked in October 2022 and $570 worth of assets stolen

On October 10, 2022, Binance Bridge was hacked through a Proof Verifier Bug and assets worth more than $570 million were stolen.

30. In November 2022, $450M was lost in a Rug pull hack on FTX

The FTX exchange hack, which was a result of a rug pull on Ethereum resulted in the loss of assets worth about $450 million.

31. The Wormhole Bridge exploit in February 2022 resulted in a loss of $326 million

On February 2, 2022, Wormhole Bridge was hacked through a Signature Exploit resulting in a loss of assets worth more than $326 million.

Conclusion

Going by the above DeFi statistics, DeFi seems to be weathering the crypto winter storm quite well suggesting DeFi is here to stay.

All pointers show that the prevalence of the decentralized finance market is likely to grow in the future meaning an increased amount of crypto assets are to be invested into the market and more DeFi platforms are expected to be launched.


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