DeFi Must Get Easier to Use to Win Over Retail Customers, Uniswap Survey Finds
Danny is CoinDesk’s Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
The many pains of using decentralized finance (DeFi) protocols may be stopping occasional crypto users from experimenting with on-chain services, according to a survey conducted by Uniswap Labs.
In a poll of 1,860 “U.S. retail users,” the company supporting the popular DeFi token trading platform called Uniswap found that many respondents are put off by the complexity and cost of on-chain trading.
The survey indicates permissionless DeFi trading still has a ways to go if it is to succeed in mass adoption. In order to trade on a service such as Uniswap, crypto users must have a wallet, sufficient ether (ETH) to execute and a willingness to pay sometimes-exorbitant gas fees. And that’s if they understand what they’re doing to begin with.
There’s only so much a DeFi service can do about easing fees and self-custody, though. Uniswap Labs said it conducted the survey to get a better understanding of its customers and is committed to increasing educational resources that target these people who currently use centralized services.
“The entire industry now must work to help educate users about how to use DeFi and the benefits of self-custody. These resources can have a measurable impact in helping users build their knowledge base and grow their confidence,” Uniswap Labs wrote in a blog post.
Edited by Nick Baker.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Danny is CoinDesk’s Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Danny is CoinDesk’s Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.