CoinGecko conducted a survey of 694 people on the subject of DeFi in March 2020, from which four key conclusions were drawn.
The first is that there is a clear gender gap in this sector, with a clear majority of men, particularly those aged between 20 and 40.
In total out of 694 respondents to the survey 619 said they have already heard of DeFi, so the sample seems to be representative.
Of these 619, only 9% were women, while 91% were men. In addition, 68% were millennials between the ages of 20 and 39. Gen-Z, i.e. people under 16 years of age, were less than 1%, showing that DeFi is still of no interest to younger people.
The DeFi stablecoin
The second conclusion concerns stablecoins, which are the main gateway to the world of decentralized finance.
In fact, 90% of the 619 respondents who have heard of DeFi have at least one stablecoin, with DAI being the most popular, and the second most owned.
In fact, the 5 most owned stablecoins are also the ones with the highest market capitalization: USDT, USDC, TUSD, PAX and of course DAI. Both rankings are dominated by USDT (Tether).
DAI, on the other hand, despite being the one with the lowest capitalization, is in second place among the most owned, probably because it originated from DeFi, and the only one to be decentralized.
CoinGecko says that there is an interesting trend concerning stablecoins, which are playing a key role in the growth of DeFi.
Survey: DeFi platforms are not used much yet
The third conclusion is that the DeFi protocols, while having a high brand awareness, still have limited use.
According to CoinGecko, the reason could be either due to an underlying problem that discourages people from using them or to a lack of knowledge on the part of users with consequent limitations in their use.
For example, MetaMask is the only protocol with high brand awareness and widespread use, as 53% of users said they have used it at least once in the last 3 months.
As far as the other protocols are concerned, all of them have been used by less than 50% of the users.
DeFi as a solution against banks
The fourth conclusion is that one of the strongest reasons why people use DeFi protocols is to be able to avoid banks.
Some even say that they would like to get rid of them completely, while others are willing to agree to get rid of them only partially.
31% of those who would like to get rid of the banks completely state that they have a deep distrust of the banking system, while 21% state that they would like to do so in order to take advantage of the benefits offered by DeFi tools compared to those offered by the banking system.
Instead, among those who would be willing to get rid of them only partially, the main obstacles identified to replace banking instruments with DeFi are the current reliance on banks, young age and low adoption of DeFi instruments, and an insufficient degree of security of DeFi with respect to banking instruments.
However, respondents largely agree that DeFi is more efficient and convenient than banking.