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Many people know DeFi, but only a few use it

May 21, 2020

CoinGecko, the cryptocurrency price aggregator, conducted a survey of nearly 700 of its users More information on trends in decentralized financing (DeFi).

The report released today on May 20 emphasizes this Many cryptocurrency users have heard of DeFi and some of his best known projects though few of them have used it.

From the sample of 694 participants only 11% He said he hadn’t heard of DeFi.

Many people know DeFi, but only a few use it
Many people know DeFi, but only a few use it

As expected, the best known and most used DeFi application is in the sense of CoinGecko MetaMask. over72% of those questioned know it and 73% of them used it. This is due both to the platform-independent functionality of MetaMask, which is compatible with all DeFi projectsas the longest useful life.

Who was part of the survey?

In comparison, credit platforms They generally have the worst usage statistics. Maker only loses 46% against Kyber, but only 26% have used it recently. The exchange was only known to 25% of the respondents, 32% of whom said they had used it.

The platform bZx presents an interesting case there 12% of those questioned knew of its existencebut a percentage very small ones tried to use it. This may be due to the bad reputation that was generated Product of the successive cyber attacks in February. CoinGecko believes that the platform is used so little because it is not attractive because its products are very difficult to understand.

It should be noted that the usage percentages above would result in excellent conversion rates for any marketing campaign, which is usually the case deals with percentages less than 10%. This suggests that active DeFi users are more likely to respond to the survey, but to the differences between the categories They are still remarkable.

The big lack of trust in banks

CoinGecko data show a clear distinction in the attitude towards banks among users who are familiar with DeFi and those who just found out.

Of those who said they were familiar with 54% would stop being fully dependent on a bank while the percentage is only 28% for those who have only occasional knowledge.

The main cause for those who would be willing to leave the banks. 31% would do it out of suspicion, while another 21% would do it because they think DeFi is a better alternative.