Despite an increasing number of Decentralized Finance (DeFi) projects, people are still unsure what DeFi is exactly, a poll conducted by portfolio tracker BlockFolio showed.
The poll, conducted over the Signal messaging app, asked the level of involvement users have around DeFi. It received 8,897 votes, with 31% of respondents answering they don’t know what DeFi is or have no involvement at all. Those who said they are curious and want to learn about DeFi numbered at 39%. Only 10% of respondents said they have high-farming yields and 19% are new to DeFi but have tried it.
BlockFolio’s poll results go against the belief that the DeFi project boom is because more and more people are flocking to it. Despite the unfamiliarity of many, DeFi is growing, moving from a niche market this year. DeFi also reached a milestone, hitting $1 billion in value.
Developing DeFi is seen as the most important task ahead for the crypto industry and many decentralized exchanges have sprung this year alone. But as projects begin to materialize, some of its limitations have also started to show like its expense and front-running.
And while DeFi projects continue to sprout, it seems more education is needed, if only to explain what it’s all about.