Most of the growth in DeFi has been driven by a couple of factors, unique to the technology, which are more advanced than the traditional finance systems. - cc: Gachaja ulriklykke defi finance
The DeFi space had a tumultuous 2022, with the valuation of leading projects as indicated by market cap significantly down for the most part of 2022. Average weekly trading volumes for the DeFi sub crypto market declined by more than 100% from an all time high of over $70+ Billion in 2021 to less than 8 Billion by the end of 2022.
However, fundamental metrics such as the number of unique DeFi wallet users witnessed some growth. According to on-chain data from Dune analytics, new unique DeFi wallets have floated around a monthly average of 500k. Also the accumulated DeFi wallet use sits at over 6.6 Million at the close of 2022, up from 4.7 Million in January of 2022.
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