Haven1: over 50% of crypto users in the DeFi world show caution towards active trading.
According to a survey conducted by Haven1, the risks associated with DeFi are a deterrent for cryptocurrency investors interested in exploring the Web3 ecosystem. Let’s see all the details below.
Summary
Crypto users struggling in the DeFi world: details from Haven1 survey
As anticipated, a survey conducted by the blockchain Layer1 Haven1 has revealed that, despite 61% of respondents approaching decentralized finance (DeFi) to gain greater control over their assets, only 53% have gone beyond trading assets on decentralized exchanges (DEX).
The main reasons cited for the lack of experimentation with DeFi services include a lack of familiarity with DEXs and security concerns, highlighting the ongoing challenges in facilitating easier and safer interaction with the on-chain ecosystem.
In November 2023, Haven1’s parent company, Yield App, conducted a survey among users on behalf of the new and innovative blockchain.
Although 91% of the interviewees declared to own cryptographic assets, only half admitted to engaging in active trading.
The majority (61%) has expressed attraction towards Web3 for its ability to support true ownership of cryptographic assets.
However, only 53% stated that they have borrowed or lent a cryptographic asset, while only 54% have purchased an NFT.
The goal: revolutionize Web3 with security and ease of use
Jeff Owens from Haven 1, who will launch his chain and token in the new year, emphasized that the survey reflects users’ love for the freedom to control their own wealth and their interest in trading without relying on centralized exchanges.
At the same time, it highlighted concerns related to the security risks of DeFi and the lack of adequate safeguards in case of unforeseen events.
The survey results align with those of a YouGov study on awareness of Web3, highlighting a gap between cryptocurrency awareness and practical understanding of Web3 technologies.
Haven1, with its Layer1 blockchain, aims to overcome these challenges by offering ease of use and security.
The chain includes built-in security features, such as mandatory smart contract checks and verifiable wallet identities.
These unique features for a Layer1 blockchain aim to create a secure environment to promote mass adoption and bridge the gap between Web2 and Web3.
Focus on the blockchain gaming and Web3 market
Regarding the gaming sector, according to the recent report by Binance Research, the blockchain gaming market has generated revenues of 7.8 billion dollars in 2023.
Specifically, it has anticipated a compound annual growth rate of 70.3%, projected to exceed 22 billion dollars by 2025.
Despite these impressive results, it is essential to consider that the sector was still in the early stages of its development.
As highlighted by the charts, in fact, blockchain gaming revenues represented only a fraction of those in the traditional video game sector.
For example, for every 1000 players on Minecraft, the best-selling video game of all time, there was only one active player on Alien Worlds, one of the most popular blockchain games.
On-chain game developers have bet on the relative benefits compared to traditional counterparts to incentivize adoption.
Despite the challenge, blockchain games have maintained a leadership position in the decentralized app (dApp) landscape, capturing 33% of the dApp market with approximately 1.16 million active unique users.
In addition, with approximately 10.33 million transactions, they have also surpassed the decentralized finance category, becoming the most trafficked dApp vertical.
However, behind these positive signs lies a bitter reality.
AMBCrypto has recently reported that three out of four on-chain games from the last five years have experienced failure, maintaining a 70% failure rate even in 2023.
