Growing Interest in Decentralized Finance
A recent survey conducted by the DeFi Education Fund (DEF) reveals a significant interest among American adults in decentralized finance (DeFi), particularly if supportive legislation is enacted. According to this Ipsos poll, which engaged 1,321 individuals between August 18 and 21, more than 40% of respondents indicated they would consider utilizing DeFi options—highlighting a general skepticism towards traditional finance systems.
Survey Findings
The survey’s findings show that 42% of participants would likely explore DeFi solutions if new legal frameworks were established, with 9% expressing they are “extremely or very likely” to do so, and 33% saying they are “somewhat likely“. Notably, a large segment (84%) of those open to DeFi expressed an interest in using it for online purchases.
Lack of Trust in Traditional Finance
The context for this growing curiosity includes a lack of trust in existing financial institutions; only about 40% of those surveyed feel that the current U.S. financial system adequately meets their needs. Just 25% believe traditional finance is geared toward benefiting ordinary citizens. Respondents voiced strong desires for increased control over their finances, the ability to make transactions without intermediaries, and concerns regarding the security and surveillance inherent in traditional banking; only 29% felt secure in the current system.
A Queens resident highlighted this sentiment, stating that using DeFi would allow them to hold onto more of their paycheck and reduce dependence on traditional banks, which often impose fees.
Need for Modernization
The survey also indicated that approximately three-quarters of respondents believe there is a pressing need to modernize the financial system to better combat emerging risks, like cyber threats and the growing influence of AI. DEF researchers concluded that the need for enhanced security and reduced transaction expenses are primary motivators driving interest in decentralized financial solutions.
Current Landscape of DeFi
In the wider financial landscape, Federal Reserve Governor Christopher Waller recently claimed that there is no inherent threat in adopting crypto payments that operate outside conventional banking protocols.
Despite these encouraging statistics, the DeFi sector remains in its infancy, with a total locked value of only $160 billion reported by DefiLlama, a figure that still falls short of major corporate valuations, such as that of Boeing.
