We collected 4,129 responses during the course of the survey. The main takeaways from the survey are listed below.
Quick Take Away:
- 79% of survey respondents have heard of decentralised finance, but only 48% have an intermediate to good understanding;
- Among users who have heard of DeFi, 53% have not used it before. Only 15% use DeFi just as often or more often than they use centralized products or services;
- The two main use cases for DeFi among survey respondents who have used DeFi are earning passive income and trading on decentralised exchanges, with 25% and 18% of responses respectively;
- Respondents were most interested in seeing improvements in passive income and making payments through DeFi;
- Greatest adoption barriers for DeFi are as follows: 1) lack of understanding/accessibility, 2) DeFi is new and has unknown risks;
- Regarding centralised exchanges, the two most cited pain points for users were deposits/withdrawals, and high fees. These are potential areas where DeFi can outcompete centralised services;
- Surprisingly, 57% of respondents who have some understanding of DeFi believe it will fully replace centralised products in the future
Read the full PDF version of the Decentralised Finance Survey 2020 here.