Blockfolio Poll: 32% People Unaware about DeFi Ecosystem

According to a poll conducted by Blockfolio, people are not certain about what and how DeFi functions, although numerous DeFi projects are developed.

By · Aug 17, 2020 . 6min read

Blockfolio Poll

According to a poll conducted by a crypto portfolio tracker Blockfolio, many people are still unaware of the DeFi ecosystem. Numerous DeFi platforms and projects are coming into the picture recently. However, people are still not certain about what and how DeFi functions. DeFi or decentralized finance, which generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. 

DeFi precisely is a decentralized financial system developed on the blockchain that can be pieced together like Money Legos. It intends to establish a system that is open to everyone. Thus, it minimizes one’s need to trust and rely on central authorities. 

The poll, conducted by Blockfolio, investigated the level of engagement users have throughout DeFi. It got 8,897 votes, with 32% of respondents acknowledging that they don’t comprehend what DeFi is or have no association. 39% of respondents were ecstatic. They urged to learn more about the DeFi ecosystem. The most surprising yet shocking part is that merely 10% of respondents revealed they have high-farming yields. Moreover, only 19% of people said they are new to DeFi nevertheless have tried it.

Various analysts state that the DeFi ecosystem is at its high due to people promoting it on a large scale. However, Blockfolio’s poll outcomes prove that this is not the case. Notwithstanding that DeFi is still unfamiliar among various people, DeFi is evolving, progressing from a niche market this year. 

Earlier Polls Conducted on DeFi Ecosystem

In may, Cryptocurrency price aggregator CoinGecko surveyed with approximately 700 of its users to learn more about the trends in decentralized finance (DeFi). The report, published on May 20, emphasized that many cryptocurrency users discovered about DeFi and some of its better-known projects, but few were utilizing it.

Out of 694 respondents, only 11% said they hadn’t heard anything about DeFi. People who said they believed in Decentralized finance were hesitant to depend on banks ultimately. The survey further analyzed that the leading cause for those ready to ditch banks is the distrust in the banking system, at 31%, while 21% would do so because they consider DeFi to be a better alternative.

After the crypto industry, boosting DeFi is one of the most important tasks ahead for the crypto industry. DeFi projects are on spring recently. With DeFi projects on the rise, people need to learn what and how DeFi works and also its importance. With the Blockfolio’s poll about DeFi, we need to understand that despite projects coming into the scenario, people need to know how DeFi will enhance the ecosystem.

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