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Many know what DeFi is, but few make use of it


The price aggregator CoinGecko conducted a survey in which nearly 700 users participated in order to obtain more information on the performance of Decentralised Finance (DeFi).

The results of the survey, published during the day yesterday, reveal that many cryptocurrency users have already heard about DeFi and some of its best-known projects, but few actually use it.

Out of a sample of 694 people, only 11% say they have never heard of DeFi.

The best known and most used DeFi application is MetaMask: 72% of the survey respondents know what it is, and 73% of them have used it at least once. The popularity of MetaMask is probably related to the fact that the project has existed for a long time and that its features are not linked to a specific platform.

Exchange: the most popular and used DeFi services

The highest level of awareness and usage was identified in the category of decentralised exchanges: Kyber is the most popular platform, as 57% of respondents had already heard of it. In second place are Uniswap and Bancor, with an awareness rate of 44 and 43 percent respectively.

The usage figures are quite different: Of all those who are familiar with the platform, 48% use Uniswap. Kyber takes second place with 42% and Bancor third with a modest 23%.

As far as loan platforms are concerned, usage statistics are much lower: Maker’s awareness rate is 46%, but only 26% of users use this service.

Compound was known by 25% of respondents, 32% of whom have already used it in the past. The statistics of the bZx platform are very poor, known only by 12% of users and with extremely low usage values: probably due to the two consecutive hacker attacks suffered by the platform in February.

According to CoinGecko, the low interest in loan Bitcoin Circuit, Bitcoin Revolution, The News Spy, Bitcoin Billionaire, Bitcoin Code, Bitcoin Era, Bitcoin Evolution, Immediate Edge, Bitcoin Trader, Bitcoin Profit could be due to the excessive complexity of these services, or simply to the fact that they do not offer a particularly convincing case of use.

Mistrust of banks is common

CoinGecko’s data also reveal a clear distinction in users‘ attitudes towards banks.

54% of those familiar with DeFi said they were willing to stop using banking services completely, while only 28% of those who have heard of DeFi would take this step.

The main reasons are distrust of the traditional banking system (31%) and the certainty that DeFi is a better alternative to banks (21%).