DeFi Sees 31% Jump in Users Despite 2022 Crypto Winter

• DeFi user numbers increased by 31% in 2022, despite the year-long crypto winter.
• Total DeFi users surpassed 5 million in Q3 2022 and are projected to reach 5.5 million by the end of Q4 2022.
• Projects have used the crypto winter to build and improve their products, attracting more users.

DeFi User Numbers

DeFi continues to attract more users with strong products and services across segments such as decentralised exchanges, lending protocols and staking. Users across the sector increased by 31% quarter on quarter in 2022, although that pales compared with the 525% spike seen in 2021. Latest estimates for total DeFi users suggest the number will surpass 5.5 million in Q4, 2022.

Blue Ocean Market

Decentralised finance, or DeFi, remains big, though not with the same numbers as seen a year ago. In 2021, user numbers skyrocketed 545% as cryptocurrencies boomed on the back of a staggering bull run. While DeFi statistics for 2022 show a decline in user growth amid the year-long crypto winter, the sector still witnessed a 31% increase in users. The quarter on quarter increase in users was captured in the latest report on DeFi growth by HashKey Capital.
DeFi is not just eating into the traditional finance, or TradFi market but it’s also curving its own new market trend which is known as „blue ocean market,“ according to HashKey Capital analysts‘ report. The DeFi sector’s new and innovative services capture demand adding to steady growth in users.

TVL Drop

A drop in total value locked (TVL) – it is now below $40 billion as per DefiLlama – does not tell whole story of decentralised finance performance during past one year even though overall user wallets across different segments like DEXs (decentralized exchanges), lending protocols etc., surpassed 5 million mark during third quarter of 2022 itself and estimated to reach up-to 5 million figures by end of 4th quarter of same year i:e Q4-2022 with 8 percent growth projection during this period only!

Crypto Winter

Projects have used crypto winter to build and improve their products while prices most assets dropped significantly & defi index shrunk 76%, compared with 65% decline for Ethereum blockchain network; still projects managed to attract more users due improvement & innovation they brought during last one year!


In conclusion we can say that despite 2021’s booming bull run & subsequent crypto winter impacts ,defi has still managed to perform much better than expected & reaching up-to millions of active wallets within span of 1year only; suggesting promising future ahead for defi sector!