More than 40% of Americans are open to the use of decentralized finance (Defi) protocols if the proposed legislation is established, according to a recent study.
Crypto -Lobby Group The Defi Education Fund (Def) found on Thursday in a survey that many Americans are “curious about Defi”, because the respondents indicated a low confidence in the traditional financing system.
The survey was conducted by Ipsos between 18 and 21 August, with 1,321 American adults questioned. Ipsos Public Affairs Vice President Alec Tyson said that the study showed that “emerging consciousness of cryptocurrency and decentralized finances because many Americans express frustrations about the ability of the current financial institutions to provide security, personalized control and flexibility.”
40% of Americans open to Defi
The poll showed that 42% said they would probably try Defi if the proposed legislation were passed on in the law, divided between 9% who said they were “extreme or very likely” and 33% who responded that they were “somewhat likely”.
The congress is currently looking at accounts that would determine the legal status of many cryptocurrencies and specify how the financial supervisors of the country distribute the sector.
Two out of five or 40% of the respondents said they “would probably try Defi”, in which 84% of those respondents said they would use it to make online purchases.
Only 12% of the respondents said that they were very or extremely interested in learning about Defi, while almost 40% believed that Defi could tackle the issue of high transactions and service costs in banking and traditional finances.
“I would love my salary in my pocket. I should not rely on one of the financial institutions, on paying them,” said a respondent of Queens in New York City.
Study shows distrust of banks and traditions
The Def said that the survey determined that trust in traditional finances was ‘low across the board’, whereby the data revealed considerable variations and areas of skepticism about the financial landscape.
Less than half of the respondents believe that the current American financial system meets their financial needs, while only a quarter thought the traditional system was designed to benefit ordinary people.
More Americans are at all times interested in “control over my money”, and many are looking for ways to send or receive money without an intermediary, the researchers declared.
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Financial surveillance and security are also major concerns, with only 29% of the Americans surveyed who believe that the American financial system is safe today.
About three -quarters of the respondents agreed that the current financial system must be upgraded to combat new threats, such as cyber crime or AI.
Defi still an emerging sector
“The desire for stronger safety and lower transaction costs are among the main reasons why Americans are interested in Defi, and Americans believe that Defi can alleviate friction points in finance today,” the researchers concluded.
Last month, the American Federal Reserve Gouverneur Christopher Waller said that there was “nothing to be afraid of” about crypto payments that are active outside the traditional banking system.
Defi TVL is approaching ATH but in general remains small. Source: Defillama
Defi is still a very emerging sector with a total value that is locked in all protocols currently at $ 160 billion, according to Defillama, which is less than the market capitalization of Boeing.
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