Q2 2021 became one of the biggest ones so far for DeFi protocols on the Ethereum network. Q2 covers the period between April and June.
According to a ConsenSys Q2 2021 DeFi Report, turing that time, Ethereum addresses grew by 10%. Meanwhile, the number of addresses that relied on the DeFi protocol grew by 65%.
ConsenSys wrote: “As community-driven education, simple user interfaces, appealing yields, and general awareness around DeFi best practices increased throughout the quarter, so too did the number of new addresses.”
At the beginning of July, it seems that 2.91 million Ethereum addresses had had interactions with DeFi protocols, like Uniswap, Compound, or KeeperDAO.
Furthermore, the first half of this year also registered a great increase in stablecoin supply, reaching $65 billion at the beginning of July. This represents an increase of 60% since March 31st. Tether was, of course, the one in the leading position – it represented around half of all stablecoins on Ethereum. USDC also gets an honorable mention as around one-quarter of it is in DeFi lending protocols.