With decentralized finance and nonfungible tokens seeing a meteoric rise, it’s easy to believe crypto apps are finally breaking through. But is there actually real user growth, or is it just the same influencers moving from one hyped market to the next? We sought to answer this puzzle and identify what it means for the future of innovation. So, let’s take a closer look at the growth of DeFi and NFTs.
DeFi is arguably the most prevalent application of smart contracts today. Automated market makers, algorithmic stablecoins and yield farming strategies are the talk of the town. The frenzy took off in early-to-late 2020, a period that the media would fondly recall as the “DeFi Summer.” Then, SushiSwap performed its liquidity mining attack, Yearn.finance instantiated the first “yield farm,” and Uniswap implemented a retroactive airdrop.
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