Decentralised Finance Survey 2020

We collected 4,129 responses during the course of the survey. The main takeaways from the survey are listed below.

Aug 10, 2021
Decentralised Finance Survey 2020

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.

Tags

crypto research

DeFi

Market

Survey

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