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The Number of DeFi Users on Ethereum Exceeds 4 Million

Ethereum’s (ETH) mainstreaming has been largely facilitated by the decentralized finance (DeFi) sector. As per Dune Analytics, the number of Ethereum DeFi users has surpassed 4 million, the highest it has ever been. 

The most wanted and used DeFi platform on Ethereum according to Dune Analytics is Uniswap. The DeFi sector, along with the non-fungible tokens (NFTs), having debuted as the newest innovations in the crypto realm, have caused DeFi users to soar.

Many experts believe that the DeFi sector will grow to be worth billions of dollars, seeing as DeFi is established upon smart contracts which have the ability to perform specific financial operations. 

Experienced crypto investor Matthew Roszak predicted that the DeFi sector would grow to $800 billion in value as a result of mainstream cryptocurrency acceptance, ever-growing inflation, as well as a worldwide desire for yield.

Due to dwindling availability on crypto exchanges, Ethereum was turning to cold wallets for keeping and DeFi-related operations, per a recent study. 

Given the monthly volume nearing $100 billion in November, an increase in activity is being noted on decentralized exchanges.

As for Ethereum (ETH), there is a widespread optimism that the cryptocurrency will make a strong comeback. Matthew Hyland posited that “Ethereum retested the Cup & Handle breakout and bounced!!!! Price target of the Cup & Handle Breakout: $6,600+.”

Similarly, Ali Martinez, the crypto analyst further fueled this stance by arguing that “Ethereum remains on track to hit a new all-time high of $6,300. As long as ETH continues to hold above $3,985, the bullish outlook remains intact.”

Despite its current fall, Ethereum (ETH) has had an amazing bull run the last few months. During November, the second-largest cryptocurrency by market cap hit a new high of $4,860.

In a 24 hour period, Ethereum (ETH) soared by 2.26%, reaching $4,427.

Also read: Kraken Listing Bolsters Shiba Inu for More Than 25%

 

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