DeFi Effect: Unique Ethereum Address Growth Rate Twice That of Bitcoin

According to data from blockchain analytics website Messari, the number of unique Ethereum wallet addresses has grown nearly twice the rate of Bitcoin’s since the beginning of 2020. The growth in the number of active Ethereum addresses has eclipsed that of Bitcoin throughout 2020.

While the exponential growth in the number of Ethereum addresses could be attributed to several factors — including the anticipation for the launch of ETH 2.0 – the monumental rise of the decentralized finance (DeFi) space was the major force behind the increasing ETH addresses. By early June, the total number of unique wallet addresses on the Ethereum blockchain shot past 100 million courtesy of the DeFi frenzy.

Timeline of Bitcoin, Ethereum