Decentralised finance (DeFi) continues its rapid ascent beyond niche crypto circles, reaching a new milestone with over 27 million unique users interacting with DeFi protocols in May 2025, marking the highest monthly figure ever recorded.
Data from CryptoPresales.com highlights the explosive growth in DeFi adoption, fuelled by improved user interfaces, wider Layer 2 blockchain integration, and closer ties with traditional fintech platforms. These developments have helped DeFi increasingly resemble conventional online banking and investing, attracting a broader and more diverse user base.
DeFi user growth surges in 2025
The rise follows a volatile but ultimately upward trend in monthly active users over recent years. After multi-year lows in 2022 and 2023, the 2024 crypto bull run reignited interest in DeFi, with monthly unique users quadrupling to nearly 21 million by the end of that year. Despite some fluctuations early in 2025, user numbers surged to 27.3 million in May, more than four times the user count from the same month last year.
This surge reflects growing retail investor confidence in DeFi platforms for activities like staking, lending, yield farming, and trading. However, total value locked (TVL) in DeFi protocols grew more modestly, increasing 15 per cent year-over-year to reach $111 billion in June. This gap between user growth and capital influx suggests many new users are engaging cautiously or exploring the ecosystem with smaller investments.
Ethereum remains the dominant blockchain for DeFi, holding over 55 per cent of total TVL, though its share has slightly decreased from 61 per cent last year. Solana emerged as a notable gainer, boosting its market share to 7.4 per cent and solidifying its position as the second-largest DeFi blockchain by locked value. Bitcoin and Binance Smart Chain follow, while Tron’s market share nearly halved year-over-year.
As DeFi continues to evolve, the record-breaking user engagement in May signals increasing mainstream acceptance and a maturing ecosystem that could redefine financial services globally.
