Many people know about DeFi, but few use them

CoinGecko, the crypto-currency price aggregator, surveyed nearly 700 of its users to learn more about trends in decentralized finance (DeFi).

The report released today, May 20, notes that many cryptomoney users have heard about DeFi and some of its most popular projects, but few of them have used them.

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Of the sample of 694 participants, only 11% said they had heard nothing about DeFi.

As expected, the best known and most widely used Bitcoin Trader service reviews, magento 2 Immediate Edge, The News Spy 9000 €, buy ethereum uk Bitcoin Profit, what is better kraken vs Bitcoin Evolution, how do i transfer Bitcoin Era to bittrex, buy omisego with Bitcoin Circuit, Bitcoin Billionaire spark liang, get bitcoin from Bitcoin Revolution, is Bitcoin Code a regulated exchange application as defined by CoinGecko is MetaMask. About 72% of respondents know about it and 73% of them have used it. This can be attributed to both the platform-independent functionality of MetaMask, which is compatible with all DeFi projects, and its longer lifespan.

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Those who took part in the survey
By comparison, lending platforms generally have the worst usage statistics. Maker only loses to Kyber by 46%, but only 26% have used it recently. The exchange was known by only 25% of the respondents, of which 32% said they used it.

The bZx platform presents an interesting case, since 12% of the respondents knew about its existence, but a very small percentage of them tried to use it. This may be due to the bad reputation generated by the consecutive cyber-attacks it had in February. CoinGecko thinks that the platform has so little use is due to the fact that the platform is not attractive because its products are very difficult to understand.

It should be noted that the usage percentages mentioned above would result in excellent conversion rates for any marketing campaign, which normally deals with percentages below 10%. This suggests that active DeFi users are more likely to respond to the survey, but the differences between the categories are still significant.

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The great lack of trust in banks
The CoinGecko data reveals a clear distinction in the attitude towards banks between users familiar with DeFi and those who have just learned about it.

Of those who said they were familiar with it, 54% would stop depending on a bank altogether, while the percentage is only 28% for those with only casual knowledge.

The main reason for those who would be willing to leave banks. 31% would do so out of mistrust, while another 21% would do so because they consider the DeFi to be a better alternative.