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The Dune Analytics report, compiled by aggregating the total number of addresses which have ever utilized popular DeFi protocols such as Uniswap, Compound, and Aave, noted that their calculations interpret “users” as “unique addresses,” meaning that the millionth address mark might not be as bullish as it seems at first blush.

Many DeFi users commonly deploy multiple addresses in order to protect their privacy while transacting on Ethereum’s public network, and conflating "addresses" with "users" may lead analysts to some dubious figures. .

Flynn explained that the first step in attracting a larger number of unique users will be a “killer application focused around speculation” similar to CeFi trading platform Robinhood, which enjoyed a remarkable boom in participation during the Covid lockdowns. .

If DeFi truly wishes to “bank the unbanked” and reach “the last mile” of users, they might have to contemplate new outreach strategies, argues Rawson — one which better empowers users to seek their desired outcomes

Rawson says that in order to accomplish this shift, DeFi will have to tailor itself to “localized institutional structures that reflect local values.” One example he offered is the Sarafu credit, a “community currency” experiment in Kenya that formerly partnered with Bancor. 

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