Poll: DeFi is a thing for millennials
CoinGecko in March 2020 he drove a survey on DeFi out of 694 people, from which he drew four key conclusions.
The first is that in this sector there is a clear gender gap, clear majority of men, especially with an age including between 20 and 40 years old.
In total, out of 694 survey respondents, 619 said they had heard of Challengetherefore, the sample appears to be representative.
Of these 619, only 9% were women, while 91% were men. In addition, 68% were millennials aged 20 to 39. Gen-Z, or people under the age of 16, was less than 1%, showing how DeFi has not yet joined the youngest.
The second conclusion, on the other hand, concerns stable coins, which are the main gateway into the world of decentralized finance.
In fact, 90% of the 619 respondents who have heard of DeFi has at least one stablecoin, with LET’S GO which turns out to be the most popular and the second most detained.
Indeed, the 5 most held stablecoins are also those with the largest market capitalization: USDT, USDC, TUSD, Pax and of course DAI. However, dominating both rankings is USDT (Attached).
DAI, on the other hand, although it is the one with the smallest capitalization, seems to be in second position among the most possessed, probably because it was originally from DeFi, and the only one to be decentralized.
CoinGecko says there is an interesting trend on stable coins, which play a key role in the growth of DeFi.
Survey: DeFi platforms are still underused
The third conclusion is that the DeFi protocols, despite a strong brand awareness, have always limited use.
According to CoinGecko, the reason could be due to an underlying problem which discourages people from using them, or to a poor knowledge of the users with a consequent difficulty of use.
For example, Metamask it is the only protocol with strong brand awareness and widespread use, since 53% of users said they had used it at least once in the past 3 months.
As for the other protocols, however, they were all used by less than 50% of users.
DeFi as a solution against banks
The fourth conclusion is that one of the main reasons why users use DeFi protocols is be able to do without banks.
Some even say they would like to get rid of it entirely, while others are ready to agree to get rid of it, even in part.
31% of those who want to get rid of the banks say they feel a deep distrust of the banking system, while 21% wish to do so to take advantage of the advantages offered by DeFi instruments compared to those offered by the banking system.
On the other hand, among those who would like to get rid of it only partially, the main obstacles identified to replace banking instruments with DeFi instruments are the current dependence on banks, the young age and the poor adoption of DeFi instruments. , and an insufficient degree of security. DeFi compared to banking instruments.
However, respondents largely agree that DeFi is more efficient and practical than banking.
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