CeFi Users Want To Explore DeFi: Uniswap Survey Uncovers New Wave Of Adoption
18 Maio 2023 - 4:00PM
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Uniswap Labs, a leading decentralized finance (DeFi) platform, has
recently conducted a survey to understand the motivations and
barriers of US-based retail users towards DeFi. The survey received
1,860 responses, including non-crypto, centralized finance (CeFi),
and DeFi users. The survey revealed that despite the bear market
backdrop, nearly half of CeFi users expressed an interest in
experimenting with DeFi protocols in the next 12 months. This
finding is encouraging as it indicates a growing interest in DeFi
among traditional finance users, who are willing to learn and
explore the possibilities of on-chain activity. Related Reading:
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Uniswap Survey Points to A Shift from CeFi To DeFi However,
the survey also highlighted that complexity, lack of understanding,
and costs are the main barriers preventing CeFi users from using
DeFi platforms for all their cryptocurrency trades. This finding
underscores the importance of providing educational material,
improved user experience, and support to overcome the learning
curve associated with DeFi. But how is Uniswap Labs simplifying
DeFi for CeFi users? Seamless User Interface: Uniswap Labs has a
user-friendly interface that allows users to easily navigate the
platform and execute trades with a few clicks. This contrasts
traditional DeFi platforms, which can be overwhelming for new
users. Automated Market Making (AMM): Uniswap Labs uses an AMM
system that eliminates the need for order books and allows users to
easily swap tokens at a fair market price, simplifying the trading
process and eliminating the need for users to understand complex
trading concepts. Self-Custody: Uniswap Labs strongly emphasizes
self-custody, meaning users have complete control over their assets
and do not rely on centralized custodians. While this may seem
daunting initially, Uniswap Labs provides educational resources and
support to help users understand the benefits of self-custody. With
this, Uniswap Labs, which builds products to onboard people
directly to DeFi, aims to bridge the gap between CeFi and DeFi by
focusing on UX and considering the first steps as a gateway into
the broader crypto ecosystem. By doing so, Uniswap Labs seeks to
provide CeFi users with a more transparent, self-custodial, and
publicly verifiable alternative to centralized finance platforms
that often lack accountability and transparency. Transaction Fees
And Costs Identified As Biggest Barriers Transaction fees and costs
were also identified as notable barriers to entry. However, as
Ethereum continues to scale and layer 2 solutions see greater
adoption, DeFi will become more economically accessible for
price-sensitive users, according to Uniswap’s blog post. The survey
also revealed that better educational resources and increased user
support would increase willingness among CeFi users to trade on
DeFi platforms. Products targeting this CeFi segment have already
invested in these educational resources. Uniswap Labs has assembled
one of the few customer support teams in crypto, considered one of
the best in the industry. For this, Uniswap Labs is exploring layer
2 scaling solutions that will significantly reduce transaction fees
and increase the speed of transactions. This will make DeFi more
economically accessible and user-friendly for price-sensitive
users. Related Reading: Ripple CTO Addresses Controversy
Surrounding BitBoy’s BEN Token Sell-Off Overall, Uniswap Labs’
survey sheds light on the motivations and barriers of US-based
retail users towards DeFi. The platform aims to simplify and
abstract the complexities unique to crypto without compromising on
the ideals of self-custody and transparency. As the industry
continues to grow, it is important to prioritize user education and
support to help users build their knowledge base and grow their
confidence. Featured image from iStock, chart from
TradingView.com
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