How many DeFi projects are there in 2023? 

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In the fast-paced world of cryptocurrencies, decentralized finance (DeFi) has emerged as a game-changer. With its promise of financial services built on open, transparent, and decentralized platforms, DeFi has captured the attention of investors, technologists, and financial enthusiasts worldwide. 

How many DeFi projects exists

But how many DeFi projects exist in the world? Let’s dive into the fascinating realm of DeFi and explore the landscape of these innovative projects.

What is the DeFi project?

DeFi, short for decentralized finance, refers to a revolutionary concept that aims to transform traditional financial systems by leveraging blockchain technology.

In simpler terms, DeFi projects offer a decentralized alternative to traditional financial services, providing users with greater control over their assets and the ability to engage in a wide range of financial activities such as lending, borrowing, trading, and more, all without the need for intermediaries.

As we explore the DeFi landscape further, we’ll delve into the number of projects and their market size.

How many DeFi projects are there? 

The decentralized finance (DeFi) world is brimming with innovation and many projects catering to various financial needs. 

To navigate the vast landscape of DeFi projects, we can rely on listing platforms and aggregators such as Alchemy, Defiprime, DeepDAO, CoinGecko, and others. These platforms provide comprehensive lists and rankings of various DeFi projects.

As of July 2023, there are 438 DeFi projects listed under different categories in the DeepDAO database.

Note: This number varies depending on which tracking tool you check. Not all of these DeFi projects are active. And DeFi ecosystem is expanding rapidly, with new projects emerging regularly and some closing down.

Let’s explore a variety of DeFi projects when assessing these numbers:

  • Lending platforms: Projects like Compound, Aave, and MakerDAO provide lending and borrowing services, allowing users to earn interest on their cryptocurrencies or access loans.
  • Decentralized exchanges (DEXs): Uniswap, SushiSwap, and Balancer are examples of DEXs, where users can trade cryptocurrencies directly without intermediaries.
  • Asset management:, Curve, and Synthetix offer platforms for managing and investing in various crypto assets.
  • Insurance and derivatives: Projects like Nexus Mutual and Synthetix provide insurance coverage and derivative products.
  • Other DeFi services: DeFi projects also include Decentralized Options, DeFi Yield Aggregators and Yield Farming Platforms, Decentralized Indexes, Decentralized Derivatives, Web3 Prediction Markets, Liquid Staking Platforms, and Regenerative Finance Dapps.

It’s important to note that the DeFi space is dynamic, with projects constantly evolving, merging, or even being discontinued. Keeping up with the latest developments through trusted sources and maintaining a discerning approach is crucial for staying informed in this ever-changing ecosystem.

While providing an exact count of the number of DeFi projects is challenging, the growth and diversity within the DeFi space are undeniable. The expanding range of projects reflects this decentralized financial revolution’s immense potential and interest. As the DeFi landscape evolves, it presents exciting opportunities for project creators and users seeking innovative financial solutions.

How many DeFi Dapps exist under different ecosystems (blockchains)

The decentralized finance (DeFi) ecosystem spans various blockchain networks. Let’s explore some prominent blockchain ecosystems and the number of DeFi Dapps operating within them.

Here are the numbers of DeFi projects operating under different blockchains (source: 

  • 160 DeFi projects built within the Ethereum DeFi ecosystem. 
  • 81 DeFi projects built on the Polygon blockchain. 
  • 78 DeFi projects use the Arbitrum blockchain ecosystem.  
  • 56 DeFi Daaps operate on the Optimism platform. 
  • 53 DeFi projects built on the Solana blockchain platform. 
  • 35 projects are supported within the Avalanche blockchain. 

DeFi projects also utilize the following blockchains in some cases: Polkadot, Fantom, Cronos, Binance Smart Chain, and Starknet. 

Note: Some projects are designed to support multi-chains and thus could be listed under different blockchains simultaneously. 

Additionally, efforts are being made to connect various blockchain ecosystems, allowing cross-chain DeFi functionality.

How many DeFi tokens are there in circulation?

The decentralized finance (DeFi) ecosystem is characterized by many projects and a wide array of native tokens that power these projects. 

DeFi projects typically have native tokens for various purposes within their respective ecosystems. These tokens often have specific utilities such as governance rights, staking, fee discounts, or acting as a means of incentivization.

According to CoinGecko, as of July 2023, 438 different DeFi tokens were created by various projects.   

Some well-known DeFi tokens include Aave project – AAVE, MakerDAO – MKR, Uniswap – UNI, Synthetix – SNX, and many others. Each token has its unique characteristics and uses cases.

The market capitalization of DeFi tokens

Market capitalization refers to the total value of a token or coin in circulation, calculated by multiplying the current price per token by the total supply.

As of July 2023, the combined market capitalization of DeFi tokens is around 47.8 billion dollars. And All-time-high (ATH) numbers were as high as 173.7 billion back in November of 2021 during the crypto bull run. 


Market capitalization of DeFi tokens

Image source: CoinGecko

It’s worth noting that the number of DeFi tokens and their market capitalizations can change rapidly due to market conditions, project developments, and new token listings. The DeFi space is dynamic, with new tokens being launched and existing ones changing.

How big is the DeFi market?

The decentralized finance (DeFi) market has experienced exponential growth and has become a significant player in the broader cryptocurrency industry. While it’s challenging to pinpoint the exact size of the DeFi market, we can assess its scale by considering various projections and metrics.

Here are some key stats on the size and growth trajectory of the DeFi market:

  • Revenue in the DeFi market is projected to reach 16,9 billion dollars in 2023.
  • DeFi market revenues CAGR is expected to be 19.6% from 2023 to 2030.
  • Revenue is expected to grow to 34.7 billion dollars by 2027.   
DeFi revenue growth chart by 2027

Image source: Statista 


The decentralized finance (DeFi) market has experienced rapid growth and has emerged as a disruptive force within the cryptocurrency industry. 

The DeFi market offers numerous opportunities for users to access decentralized financial services, earn yields on their assets, and participate in innovative financial products and protocols. It has provided individuals worldwide greater financial inclusivity, transparency, and asset control.

Overall, the DeFi market’s impressive growth and potential signal a shift towards a more open, transparent, and inclusive financial system. The continued development and adoption of DeFi projects pave the way for a future where traditional financial services are revolutionized and individuals have greater control over their financial lives.

Article by
Artem Minaev