Ethereum DeFi Network Graphs: April & May 2020
Visualizing DeFi use and protocol overlap in April and May, 2020.
The Ethereum DeFi Network Graphs visualize the overlap of DeFi users between prominent mainnet protocols.
The graphs each show the logos of prominent DeFi protocols. The cluster of colored dots surrounding individual protocols shows the number of addresses that have interacted with just that protocol within the specified time. On Figure 1, which shows April and May, we see that Uniswap (in pink) had the largest number of DeFi users, demonstrated by the dense pink cloud around the Uniswap logo.
Yellow dots represent users (addresses) that interacted with 2 DeFi protocols within the mentioned time frame, and red dots represent users that interacted with 3 or more DeFi protocols. In April and May, we see the largest overlap of duplicate users between Uniswap and Kyber, represented by the cloud of yellow dots connected to both Uniswap (pink) and Kyber (green). We also see considerable overlap between Uniswap and Compound, and Aave and Compound. Among the smaller subset of individuals that interacted with 3+ protocols, we see the greatest overlap between Uniswap, Kyber, and Aave.
Below, we have created 3 DeFi network graphs: April + May (figure 1), April (figure 2), and May (figure 3).
Figures 2 and 3 separate the network graphs into the individual months of April and May. The graphs below show that May was a considerably more active month with respect to DeFi user size. The denser clouds in May compared to April suggest that more users interacted with DeFi protocols in that month than in April.
Despite an increase in DeFi users, the patterns of behavior remained the same month-over-month. Uniswap maintained the largest number of users, followed by Kyber. Interestingly, Compound v2 was the third most-used protocol in April, but was overtaken by Augur in May. Month-over-month, Uniswap and Kyber shared the greatest number of shared DeFi users.
These graphs were pulled by the Codefi Data team. Codefi Data is a suite of analytical tools providing Ethereum and DeFi users, developers, and enthusiasts with relevant, real-time, on-chain data. Check out the Codefi Data product suite.