It looks as if DeFi is still not understood.
Although DeFi projects are coming up more and more, many people are still confused about what it actually represents. This was revealed after a vote was organized by Blockfolio.
The voting was done with Blockfolio’s Signal. The voters were asked to indicate if they knew what DeFi was or if they had participated in anything that had to do with it. To this, 32% of 8,897 voters gave a negative response. 39% of them really wanted to know more about DeFi. About 10% said they do yield-farming that pay well while 19% just got to know about DeFi but have invested in it.
With the poll conducted by Blockfolio, the idea that DeFi is doing well because it is gaining a lot of users no longer makes sense. Although few people know about it, DeFi is still on the march to prominence. Recently, DeFi did wonders by reaching a total market cap of $15 billion according to Coin Gecko.
The crypto industry has one big task ahead and that is to make DeFi known to the world. And while the industry is busy with bringing up new projects, it should also map out strategies to educate people on what they should know about DeFi.