Binance Survey: 66% of Crypto Users Already Using DeFi Apps

Although the decentralized finance (DeFi) industry is considered to be in its early stage, the sector has continued to gain a significant increase over the years. 

This is confirmed in a survey published by the world’s largest cryptocurrency exchange by trade volume, Binance, which suggested that more than half of the respondents use DeFi apps (dApps). 

The survey, which involved 61,000 crypto users globally, tried to examine consumer behavior, motivation, preference toward crypto-related investments. 

Data from the survey show that 66% (40,260) of the interviewed crypto users are already using dApps, with the protocol considered to be increasingly dominant in Southeast Asia. 

According to the survey, at least 54% of the respondents who claim to be using dApps are from the region. 

Reasons Behind The Massive DeFi Adoption

The growing interest in DeFi could be due to the declining trust in the traditional financial system, with the survey noting that 17 out of 21 markets globally have less than 50% trust in the industry. 

Furthermore, the enormous opportunities associated with DeFi adoption cannot be overemphasized, as more users and firms continue to delve into the sector to become beneficiaries. 

Several DeFi protocols like yearn.finance (YFI) launched in the past is one of the testimonies of how investors got more than 300% of their initial investments.  

At some point, YFI’s value shattered that of Bitcoin (BTC), a record that sparked wild jubilation across various social media platforms.

In addition, while traditional financial institutions are in the habit of increasing the barrier of entry for most customers, DeFi protocols, on the other hand, have continued to eliminate these constraints. 

For instance, there are so many unbanked people scattered across different parts of the world who cannot access financial services like acquiring loans or having a standard bank account. 

With DeFi, borrowers who do not qualify to get loans in traditional financial institutions now have the opportunity to access funds from one or more investors.