Report People Are Still Unaware Of DeFi
Report: People Are Still Unaware Of DeFi
August 17, 2020
Report People Are Still Unaware Of DeFi
Report: People Are Still Unaware Of DeFi
August 17, 2020

poll conducted by portfolio tracker Blockfolio showed that people are still unaware of Decentralized Finance (DeFi), despite an increasing number of DeFi projects.

It has been reported that the poll, conducted over its Signal product, asked the level of involvement users have around DeFi, as it received 8,897 votes, with 32% of respondents answering that they don’t know what DeFi is or have no involvement at all.

However, those who said that they are curious and want to learn about DeFi numbered at 39%. Only 10% of respondents said they have high-farming yields and 19% are new to DeFi but have tried it. 

The report said that Blockfolio’s poll results go against the belief that the DeFi project boom is because more and more people are flocking to it.

Despite the unfamiliarity of many, DeFi is growing, moving from a niche market this year.

Also, DeFi reached a milestone, hitting $4 billion in value. 

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It has been analyzed that developing DeFi is seen as one of the most important tasks ahead for the crypto industry.

Thus, while DeFi projects continue to sprout, it seems more education is needed, if only to explain what it’s all about.

Source: Cointelegraph | Image: Bitcoin News


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.