Despite a gradual increase in number of Decentralized Finance [DeFi] projects, there are several people who are are still unsure what DeFi actually means, a poll conducted by portfolio tracker Blockfolio showed.
The poll, conducted over its Signal product, asked the extent of involvement users have around DeFi. It received 8,897 votes, with 32% of respondents answering that they actually know nothing about what DeFi is or have on involvement at least. While those who said they’re curious and want to find out about DeFi numbered at 39%. Only 10% of respondents said they need high-farming yields and 19% are new DeFi but have tried it.
Blockfolio’s poll results go against the assumption that the DeFi project boom is because more and more people are flocking thereto. Despite the unfamiliarity of the many, DeFi is growing, moving from a distinct segment market this year. DeFi also reached a milestone, hitting $4 Bln in value.
Developing DeFi is seen together of the foremost important tasks ahead for the cryptocurrency industry. And while DeFi projects still sprout, it seems more education is required, if only to explain what it’s all about.