CryptoCompare: Ethereum Will Remain Mainstream DeFi Application Platform
More than 60% of DeFi project representatives believe that Ethereum will remain the main platform for their applications in the next three years.
In a survey conducted by CryptoCompare, over 60% of respondents from Ethereum-based DeFi projects said it will not be supplanted by competing blockchains and will remain the main platform for DeFi applications for the next three years.
The Crypto Compare survey was attended by representatives of the Balancer, Nexus Mutual, Kyber Network, Augur, Argent, DDEX, Loopring and Staked projects. Crypto Compare did not specify how many DeFi projects took part in the survey.
Respondents noted the importance of security to the growth of DeFi in the coming years. Half of those surveyed said security is a top concern for the DeFi industry. That being said, there was some disagreement among survey participants over how best to protect the growing DeFi user base.
Three-quarters of survey participants believe that external regulation will not be required to expand the industry. At the same time, about 40% noted that it is extremely important for DeFi protocols to provide insurance coverage against the potential loss of users' cryptoassets.
Notably, DeFi developers have no illusions about the source of much of the industry's activity. The majority of those surveyed believe that 10% to 30% of DeFi transactions are made by new users, and most of the industry participants are trying to generate speculative income.
Less than 10% of current DeFi users use products for long-term financial purposes, not speculation, according to respondents.
Recently it became known that despite the market correction, interest in DeFi in China is growing. Local exchanges are struggling as users transfer cryptoassets to DeFi protocols. However, retail investors are still less interested in DeFi than ICOs in 2017-2018.