The cryptomarket is continuously developing and the number of active wallet addresses is growing accordingly. However, the growth in active Ethereum addresses is currently more than twice as high as the number of Bitcoin addresses. The enormous increase is probably due to a specific reason.
Ethereum addresses: 145% more than at the beginning of the year
Because the current hype around DeFi – decentralized finances – is not ending for the time being. Currently, new DeFi projects are springing up every day, as last seen in 2017 during the big ICO boom. The next weeks and months will show whether the majority of DeFi projects will suffer a similar fate.
What is clear is that the hype about decentralized finances is bringing with it an enormous growth in active Ethereum addresses. 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 cryptocurrencies 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 a growth of 145%. The number of active Bitcoin addresses (orange), however, has only grown by 49%.
At the beginning of the year, the number of active Ethereum addresses was below 250,000, according to Messari, but due to the current strong growth, triggered by the DeFi hype, this number has increased to 570,000.
97.5% of the volume through Ethereum Dapps
Dapp.com confirmed in a new report that the majority of decentralized applications are based on Ethereum. According to their research, applications based on Ethereum account for 97.5% of the volume for dapps in June.
Meanwhile, more than $2.29 billion USD are now housed in DeFi applications. For comparison, at the beginning of the year it was $700 million USD, and at the beginning of 2019 it was only $240 million USD.
According to Defimarketcap.io, the coinmarketcap for DeFi tokens, the number of tokens for decentralized applications is now more than 1,000 and the market capitalization of all DeFi tokens is $8 billion USD. First place is secured by the cryptocurrencies Compound (COMP).