Decentralized Finance Global Market Report 2023

Major players in the market are Compound Labs, Inc., MakerDAO, Aave Companies, Uniswap Labs, SushiSwap, Curve Finance, Synthetix, Balancer Labs, Bancor Network, Badger DAO, and Agave. The global decentralized finance market is expected to grow from $14.90 billion in 2022 to $21.21 billion in 2023 at a compound annual growth rate (CAGR) of 42.3%.

New York, Aug. 07, 2023 (GLOBE NEWSWIRE) — announces the release of the report “Decentralized Finance Global Market Report 2023” –
Major players in the market are Compound Labs, Inc., MakerDAO, Aave Companies, Uniswap Labs, SushiSwap, Curve Finance, Synthetix, Balancer Labs, Bancor Network, Badger DAO, and Agave.

The global decentralized finance market is expected to grow from $14.90 billion in 2022 to $21.21 billion in 2023 at a compound annual growth rate (CAGR) of 42.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The decentralized finance market is expected to reach $86.19 billion in 2027 at a CAGR of 42%.

The decentralized finance market includes revenues earned by entities by decentralized lending and borrowing, yield farming and liquidity mining, decentralized insurance, decentralized identity, decentralized savings and investments, decentralized payment systems, and decentralized asset management.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Decentralized finance (DeFi) refers to a category of financial systems and applications that operate on blockchain technology and aim to provide open, transparent, and decentralized financial services without the need for intermediaries such as banks or financial institutions.

North America was the largest region in the decentralized finance market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in decentralized finance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main components of decentralized finance are blockchain technology, decentralized applications (apps), and smart contracts.Blockchain technology refers to a decentralized, distributed, and transparent digital ledger that securely records transactions across a network of computers.

These are used in various applications such as asset tokenization, compliance and identity, marketplaces and liquidity, payments, data and analytics, decentralized exchanges, the prediction industry, stablecoins, and others.

The rise in e-sports and gaming is expected to propel the growth of the decentralized finance (DeFi) market going forward.The term “rise” in the context of e-sports and gaming refers to the increasing popularity, growth, and prominence of competitive video gaming (esports) as well as the broader gaming industry.

Decentralized finance platforms allow gamers to use in-game assets, such as virtual items or virtual currencies, as collateral for borrowing or lending and offer decentralized platforms for esports enthusiasts to place bets on their favorite teams or players using blockchain-based smart contracts.For instance, in May 2020, according to NewZoo BV, a Europe-based provider of games and esports data and insights, the estimated global esports audience was around 495 million in 2020, with projected growth to reach 646 million in 2023.

Therefore, the rise in e-sports and gaming is driving the growth of the decentralized finance (DeFi) market.

Technological advancements are a key trend gaining popularity in the decentralized finance (DeFi) market.Major companies operating in the decentralized finance (DeFi) market are adopting new technologies to sustain their position in the market.

For instance, in January 2023, Bitget, a Singapore-based cryptocurrency exchange platform, introduced a new feature called MegaSwap on its DeFi platform.MegaSwap is designed to facilitate the trading and swapping of digital assets for over 10,000 cryptocurrencies on the decentralized finance (DeFi) platform.

The introduction of MegaSwap by Bitget offers users a convenient and efficient way to trade and swap digital assets on its DeFi platform, giving them access to a wide range of cryptocurrencies for their trading needs.

In February 2023, Lukka Tech, a US-based institutional crypto asset data, and data management provider acquired Venato for an undisclosed amount.With this acquisition, Lukka has access to an intelligent framework to tag and identify DeFi transactions with innovative profit and loss tracking, and aggregate features for blockchain transactions and can provide further clarity to its DeFi data sets, enabling more advanced risk processes supporting its current data collection and reporting capabilities.

Venato is a US-based company that provides services including web3 development, and decentralized finance development, enabling the business to track profit and loss and to search and aggregate blockchain transactions.

The countries covered in the decentralized finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The decentralized finance market research report is one of a series of new reports that provides decentralized financial market statistics, including decentralized finance industry global market size, regional shares, competitors with a decentralized finance market share, detailed decentralized finance market segments, market trends and opportunities, and any further data you may need to thrive in the decentralized finance industry. This decentralized finance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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