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Title: Decentralized Finance Market Expected to Reach 270.7 billion by 2031 - DataM Intelligence

India, 31st Jul 2024 - The global Decentralized Finance Market achieved a significant milestone, reaching USD 13.5 billion in 2023. It is projected to grow exponentially to USD 270.7 billion by 2031, driven by a remarkable compound annual growth rate CAGR of 45.7% from 2024 to 2031.Revolutionizing traditional financial systems, Decentralized Finance market offers a blockchain-based financial ecosystem that operates without intermediaries, enabling more accessible and efficient transactionsKey Industry Insights & Findings from the Report:Based on application, the payments segment captured the largest share in 2023. This dominance is due to the widespread adoption of decentralized finance (DeFi) for its cost-effective and efficient transaction capabilitiesAmong components, the service segment is projected to experience the fastest growth with a high CAGR of 45.7% from 2024 to 2031.The rise of blockchain-based solutions continues to drive market expansion. DeFi platforms leveraging smart contracts are becoming more prevalent, offering innovative financial services without traditional intermediaries.The increasing trend of DeFi adoption in regions such as North America, Europe, Asia-pacific, South America is anticipated to significantly boost market growth.Get a Free Sample Research PDFhttps://www.datamintelligence.com/download-sample/decentralized-finance-marketDecentralized Finance Market TrendsRapid Growth and AdoptionDeFi has experienced tremendous growth over the past five years, evolving into a billion-dollar industry with a market value surpassing USD 180 billion. The user base has surged from around 91,000 in January 2020 to nearly five million. This growth is fueled by increasing product launches and innovative solutions by key pla...

This press release is issued by King Newswire