DeFi statistics 2023

A breakdown of the rapidly evolving DeFi landscape, including key statistics and trends to watch in 2023.

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By

Billy Endres

Edited by

Joselle Delos Reyes

Updated

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Key takeaways

  • DeFi's market is projected to reach US$67.4 billion by 2026, indicating strong growth potential.
  • Over 6 million unique wallets complete monthly DeFi transactions for global financial access.
  • Ethereum-based protocols dominate DeFi, accounting for over 90% of total value locked.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Decentralised finance (DeFi) refers to financial services that operate using blockchain infrastructure and are not under the control of centralised authorities such as banks or governments.

While DeFi is still relatively small compared to traditional finance, it is expanding rapidly and has already become an indispensable resource for many individuals who lack access to traditional banking services or need to send money overseas with lower fees.

Let's take a look at DeFi statistics, including the total value locked (TVL), user adoption rates and which countries are embracing this new wave of technology.

Quick summary of DeFi statistics

  • Lido is the largest DeFi player by TVL with over 4 million ETH locked up on its protocol.
  • Largely due to DeFi, Ethereum's market dominance is steadily increasing, sitting at about 20% as of March 2023.
  • As of March 2023, the total cryptocurrency market capitalisation is just over US$1 trillion.
  • Blockchain wallet usage has been increasing year on year, demonstrating an increased interest in and application of blockchain and DeFi.
  • As of March 2023, the TVL in DeFi is US$75 billion – down significantly from 2022 all-time highs of over US$220 billion.
  • As of March 2023, the total market cap of governance tokens in the DeFi ecosystem is over US$100 billion.
  • As of March 2023, Ethereum-based protocols account for over 90% of the total TVL in DeFi.

Number of active DeFi users

Since 2019, when DeFi was relatively new, its quarter-on-quarter growth has risen at a rapid rate, with over 6 million unique wallets completing an on-chain transaction each month since later 2022.

Number of unique wallets that complete an on-chain DeFi transaction (2019–2023)

Number of unique wallets that complete an on-chain DeFi transaction (2019–2023)
MonthActive DeFi addresses
March 201917339
June 201931472
September 201958267
December 201990587
March 2020148742
June 2020234927
September 2020557520
December 20201161858
March 20211762309
June 20212856568
September 20213666127
December 20214771126
March 20225325186
June 20225731400
September 20226151528
December 20226647487
January 20236686500
Source: Finder's DeFi Statistics

DeFi user demographics

Based on available data and surveys, DeFi users tend to be younger, well-educated and more technically proficient than the general population. Most users are based in North America, with Europe and Asia representing the next largest user bases. Although the income bracket of DeFi users varies greatly, it is estimated to be above the global average.

DeFi user demographics

DeFi user demographics
DeFi usersShare
Under 3560
Male60
Female40
North America-based60
Hold a bachelor's degree80
Technically proficient50
Have experience using DEXs70
Earn over $50,000 USD70
Source: Finder's DeFi Statistics

Blockchain and DeFi global market capitalisation

The market for DeFi is expanding swiftly, with significant growth observed from 2018 to 2020, where it increased nearly 3-fold from US$1.2 billion to US$3 billion. This growth has been consistent, nearly doubling each year. Industry experts project the market to reach US$67.4 billion by 2026.

Blockchain and DeFi global market capitalisation

Value in USD billions

Blockchain and DeFi global market capitalisation
YearValue in US billions
20181.20
20192.20
20203
20217
202212.70
2023 (estimated)23.30
2025 (estimated)39.70
2026 (estimated)67.40
Source: Finder's DeFi Statistics

ETH deposited in Lido

Liquid staking protocol Lido has achieved the top position in ETH TVL and currently holds over US$6.3 billion in smart contracts. The number of investors who have deposited funds into Lido's ETH staking protocol has increased significantly, reaching 4.6 million from 1.6 million in early 2022.

Blockchain wallet users globally

In January 2020, global blockchain wallet users were around 45 million. Within 3 years, this number surged to over 85 million, demonstrating rapid growth in industry and DeFi participation.

TVL across blockchains

DeFi heavily relies on the Ethereum blockchain, which accounts for about 58% of the industry's TVL. BNB Smart Chain (BSC) and Tron hold the following highest TVL percentages, with BSC representing 9.86% and Tron holding 9.68%.

DeFi users by country

Regarding the value of DeFi transactions for individuals as well as retail-sized transactions, India takes the top spot. Around 40% of the total crypto value received in India is represented by ETH. A contributing factor to this trend is the large volume of remittances received in India, which can be sent more conveniently and cost-effectively through cryptocurrency.

Percentage of Bitcoin mined globally

Bitcoin mining worldwide is undergoing a process of increasing diversification. China's dominance of over 75% in September 2019 decreased to 46% by April 2021. The United States accounts for almost 17% of Bitcoin mining and Kazakhstan contributes just over 8%. Other notable countries involved in Bitcoin mining include Russia, Iran, Malaysia, Canada, Germany and Ireland, each of which account for 2–7%.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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To make sure you get accurate and helpful information, this guide has been edited by Joselle Delos Reyes as part of our fact-checking process.
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Billy Endres was the cryptocurrency writer for Finder. He has a passion for Web3 and decentralisation technologies as well as cryptocurrencies. Billy’s background in software development helped open the door to the world of decentralised technologies, financial markets and technical writing. See full bio

Billy's expertise
Billy has written 15 Finder guides across topics including:
  • Web3 and decentralised technologies
  • Front-end development
  • Cryptocurrency futures trading and technical analysis
  • DeFi and on-chain analysis
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