Sunday, June 23, 2024

DeFi Needs to Be Simpler & Easier for Wider Adoption, Uniswap Survey Suggests.

According to a study conducted by the developers of the Uniswap decentralised exchange (DEX), users of decentralised finance (DeFi) protocols should have their questions answered more quickly if adoption is to increase.

DeFi was referred to by Uniswap as an “objectively simpler, more approachable tech stack for financial markets” in a report that included a summary of the survey results.

DeFi, according to the statement, “is transparent, self-custodial, and runs on publicly verifiable code instead of middlemen who frequently have their clients’ interests at heart.”

Although DeFi appears straightforward to crypto-natives, Uniswap also pointed out that it is still “as foreign to the average person as the internet was in the 1990s.”

The author compares the experience of connecting to Layer 2 solutions (L2s) to using dial-up networking, while navigating Etherscan is likened to browsing the web in the pre-search engine era.

According to the study, more and better DeFi education is badly needed to close this perceived gap.

Most non-DeFi users—50%—want to try something new.
Regarding the specific survey results, Uniswap stated that the most positive finding was that, despite the adverse market conditions witnessed over the past year and a half, nearly half of the respondents were inspired to try with DeFi in the next 12 months.

Second, nearly 30% of those who had never used DeFi before said they would like to try it to purchase a particular token, and a comparable percentage said they would use it to keep their tokens or keys in their own hands.

In order to assist users in understanding the functionalities of DeFi and the benefits of self-custody, the entire industry must now collaborate. The Uniswap team’s analysis concludes that these tools have the potential to significantly contribute to users’ educational growth and enhance their confidence levels.

A Uniswap engineer going by the handle @0xTyllen pointed out the necessity of better teaching on DeFi on Twitter as well:

According to Uniswap, 1,860 people participated in the survey, with the participants’ demographics nearly matching those of the US Census.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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