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

A survey conducted by the team behind Uniswap, a prominent decentralized exchange (DEX), indicates that for the adoption of decentralized finance (DeFi) protocols to expand, there needs to be a simplification in their user experience.

In the summary of their survey findings, Uniswap described DeFi as a “clearly more straightforward and readily accessible technological framework for financial markets.”

The report highlighted the merits of DeFi, noting, “DeFi operates with transparency, allows users to maintain control of their assets, and is built on code that anyone can verify publicly. This contrasts with traditional intermediaries who may prioritize their profits over the interests of consumers.”

Uniswap recognized that while those deeply embedded in the crypto world see DeFi as straightforward, it remains an enigma to the average individual, similar to how the internet was perceived in its nascent stages in the 1990s.

The team drew parallels, stating, “The process of bridging to L2s (Layer 2 solutions) can feel as archaic as the days of dial-up connectivity, and navigating Etherscan might feel akin to browsing the web before the advent of search engines.”

Addressing this disparity in understanding, Uniswap emphasized the pressing need for enhanced and comprehensive DeFi education to bridge this knowledge gap.

Half of non-DeFi users want to experiment

From the detailed survey outcomes, Uniswap highlighted that the most uplifting discovery was that nearly 50% of participants expressed an interest in delving into DeFi within the coming year, even in the face of the subdued market trends witnessed over the last 18 months.

Furthermore, about 30% of those who hadn’t previously engaged with DeFi indicated their inclination to explore it, primarily to acquire a specific token. In a comparable vein, an almost equal proportion conveyed their desire to utilize DeFi to maintain personal control of their tokens or cryptographic keys.

DeFi complexity remains an issue

While a significant number of centralized finance (CeFi) users – essentially those not engaged with DeFi – expressed an interest in venturing into DeFi, the perceived intricacy of DeFi remains a hurdle.

To address this, the majority of CeFi users believe that enhanced education and superior user support services are essential in the DeFi domain.

Concluding their report, the Uniswap team emphasized, “It’s imperative for the entire industry to actively participate in enlightening users about DeFi’s workings and the advantages of maintaining personal control over their assets. Such educational tools can tangibly boost users’ understanding and bolster their confidence.”

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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