DeFi, the decentralized finance industry, had a successful first quarter of 2021 despite the market downturn. DappRadar's report showed that the number of daily unique active wallets (dUAWs) decreased by almost 10%, however, this is in line with the overall trend of dUAWs in the crypto sector. Binance was still the most dominant DeFi platform, however, its number of daily unique users dropped by 28% over the quarter. Wax followed in second place with almost 400,000 dUAWs and Polygon showed a 25% increase in daily users. Arbirum made a big appearance in the first quarter of 2021, though, seeing an impressive 125% increase in its total number of users. This caused the total value locked (TVL) across the DeFi sector to reach an all-time high of $83.3 billion. The Arbirum platform grew its TVL by 118%, mainly due to the GMX exchange. Additionally, the platform distributed 1 billion ARB tokens to over 600,000 users, bringing the total number of transactions to 2.7 million. All in all, DeFi had a successful start to 2021 despite the bear market, with Arbirum's successful airdrop setting the tone for the rest of the year.
Melissa Sanchez
- 2023-03-30
DeFi Sees Success in Q1 2021 Despite Downturn
This article discusses the decentralized finance industry's successes in the first quarter of 2021, despite a bear market. Binance was the most dominant DeFi platform, and Arbirum had an impressive 125% increase in its total number of users, leading to an all-time high of $83.3 billion total value locked (TVL).
