54% of Crypto users say ‘What is DeFi?’

Despite DeFi’s meteorically success with massive investment lately, it appears DeFi remains relatively new to most cryptocurrency users.

A recent Dove Wallet survey of 4,898 users worldwide asked ‘how much they know about DeFi, and a whopping 54% of all respondents said they had no clue what DeFi was. Those who said they’d heard before and yet didn’t know much about numbered 17%. 11% of respondents said they got interested and started learning, while 9% started to invest seriously. Only 9% said they’ve already had high-farming yields.

The survey produced somewhat conflicting results and went against the belief that the DeFi frenzy has attracted lots of crypto users and expanded its market base. The survey results indicated that DeFi was still unfamiliar to crypto users.

According to the country-specific survey results, Korean crypto users’ level of interest appears to be lowest compared to other countries, as 75% of Korean respondents said they never heard and had no idea about DeFi.

While trying to build itself as an alternative to the traditional finance systems with all the buzz, it looks evident that more education on DeFi should be needed since DeFi carries as much risk as to the many benefits, and it is of paramount importance for users to have the ability to discern these risks on their own.