The DeFi Series — A closer look into user community
To be thorough, let’s cover all of the possible platform overlaps. We already know what the user bases for each of them are, and also that which they share between all 4 of them. What remains is to cover all the possible combinations of 2 and 3 platforms — of which there are 10.
Maker & Compound
11,466 users in total — 10,164 distinct => overlap of 1,302 users. This number, put into perspective — represents 36% of Compound’s users base. More than a third of the addresses who interacted with Compound (by either supplying or borrowing) have also opened CDPs on Maker.
Maker & Uniswap
8,946 users in total — 8,525 distinct => overlap of 421 users. Out of the 1,084 distinct users that interacted with Uniswap by providing liquidity — those they share with Maker represent 38% of the total.
Maker & Augur
8,501 users in total — 8,403 distinct => overlap of 98 users. Therefore, only 15% of those who opened Augur prediction markets also opened CDPs on Maker.
Compound & Uniswap
4,688 users in total — 4,286 distinct => overlap of 402 users — 11% of Compound’s user base & 37% of Uniswap’s.
Compound & Augur
4,243 user in total — 4,177 distinct => overlap of 66 users — less than 2% of Compound users opened prediction markets, and around 10% of Augur’s users interacted with Compound.
Uniswap & Augur
1,723 users in total — 1,694 distinct => overlap of 29 users. Smallest overlap since,
Maker & Compound & Uniswap
(421 + 1302 + 402) overlap of 2 sets — (12,547 users in total — 10,687 distinct)=> overlap of 265 users
Maker & Compound & Augur
(66 + 98 + 1302) overlap of 2 sets — (12,105 users in total — 10,679 distinct) => overlap of 40 users
Maker & Uniswap & Augur
(29 + 421 + 98) overlap of 2 sets — (9,585 users in total — 9,051 distinct) => overlap of 14 users
Compound & Uniswap & Augur
(402 + 66 + 29 ) overlap of 2 sets — (5,327 users in total — 4,847 distinct) => overlap of 17 users
To better explain the shared user bases, a timeline of the interactions may be interesting to study. We could answer the question — who onboarded these users into DeFi? How did they start, and why did they stay? What is the usual ‘path’ through protocols for those that used all 4? Is there one? Of course, since it’s both the oldest and the largest — both user and activity wise — we’d expect Maker to be the first choice for most of these shared users.
Luckily there are only 10 addresses. By looking at the date for the oldest interaction and the platform with which it was made — we found the following: 8 of them had their first interaction with DeFi in 2018, between February and November, while the other 2 were introduced in January 2019. Surprisingly, 5 of them started with Augur, 4 with Maker and 1 with Compound. None of these addresses that the 4 protocols shared in common had their first interaction with Uniswap — which can tell us that at least between the ‘hardcore’ DeFi users — Uniswap was a later stop in the journey.