Ethereum DeFi apps have been around for some time, but only recently have they started to see mainstream adoption. A new report from Consensys, the company behind the Ethereum blockchain, shows that decentralized finance (DeFi) has grown to a $28 billion industry in less than three years.
The report says that there are now over 1,000 DeFi projects on Ethereum and that the number is growing at a rate of more than 100 per month. The report also points out that more than 80 percent of these projects rely on centralized exchanges to hold their funds.
This rising metric shows that centralized exchanges are still the most popular way for users to access DeFi apps, despite their lack of security and transparency.