Decentralized financing (DeFi) ecosystem built around the Ethereum blockchain sees more uptake on a quarterly basis report From ConsenSys. This has culminated in an increase in the total number of addresses connected to DeFi, which increased by 65% to 2.91 million from the end of the first quarter to the end of the second quarter.
Metrics To measure the growth of Ethereum
According to the ConsenSys report, the growth of the Ethereum block chain can be measured by additional meters that exceed the number of stored addresses. The operation of the Metamask wallet is also a viable indicator of DeFi’s operations / growth.
The report reads:
“Another measure of DeFi usage is the number of active users per month in MetaMask, Ethereum’s leading wallet without freedom. By June 1, 2021, MetaMask’s monthly active users exceeded 7.3 million. This is partly due to the growth of DeFi applications in others Ethereum virtual machine (EVM) compatible networks that users can access via MetaMask, such as BSC and Polygon,
The report also highlighted that Ethereum-based stable coins, fiat-denominated digital banknotes with unchanged value, have risen 60% since the end of Q1 2021. “Stablecoin’s supply continued to grow rapidly in the second quarter of 202, and now totals nearly $ 65 billion,” the report said.
The Ethereum blockchain has seen other innovative protocols with big names, including the ghost protocol Ghost and Distributed Exchange (DEX) Uniswap. The report found that the total number of transactions handled by merging these trading platforms in the second quarter was $ 343 billion.
Triggers for Growth: A Hardcover View of London
London Hardfork is just a few days. Changes in Ethereum’s gas payment structure and deflation model that the new update will bring may help reduce transaction fees and make the block chain more usable.
If this prediction comes through, the overall performance of the protocols built on the Ethereum blockchain will certainly increase.
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