The decentralized financial services (DeFi) sector, i.e. financial services based on blockchain technology, is now showing exponential growth. The number of available financial products has increased tenfold compared to the previous year.Evgeny Yurtaev, the founder of the Zerion DeFi project, posted a chart on Twitter, suggesting that the growth in new financial products is “fairly exponential”. Last month, for example, 1,000 financial products broke through the sound barrier, of which almost 75% were accounted for by the Uniswap project.”What the Internet was for media content is DeFi for finance”, as Yurtaev is optimistic in this context.
“DeFi is the new FinTech. Ultimately, everything depends on the distribution costs. The Internet has reduced the distribution costs for media content to zero. So far, however, this has not been the case for financial services. ”
Yurtaev’s assumptions are underlined by the fact that the number of DeFi users worldwide has now reached 600,000, according to data from the Ethereum information service Dune Analytics. In May there were still 193.00 users, the majority of them on the DeFi platforms Kyber (74,360) and Uniswap (70,739). The 362.00 users of the DAI platform are not taken into account.