Google Trends recorded a decline in the number of searches related to the decentralized finance market. This may indicate a tipping point in the DeFi life cycle.
According to Google Trends, in the first week of September, the interest of users in DeFi was estimated at 99 out of 100 possible points. A month later, in early October, this figure dropped to 65 points.
Oddly enough, interest in DeFi peaked at the end of March. The interest kept declining in the following months, although the DeFi markets grew rapidly.
The current decline in interest in DeFi may indicate a turning point in decentralized financial market. However, this may only indicate a temporary reduction in the influx of new users into this segment.
According to DeFiPulse, the value of assets frozen in DeFi protocols reached $10.89 billion. Uniswap, a decentralized trading platform, accounts for almost a quarter of these sum. MakerDAO and Aave credit protocols rank second and third by value of frozen funds.
96% of all DeFi transactions are in Ethereum. According to DappRadar’s Q3 2020 report, DeFi’s explosive growth can be explained by the high interest of investors in the so-called yield farming strategy.