Uniswap Labs Survey Highlights Educational Resources and Support as Key to Boosting DeFi Confidence

By 0xGorki 05/18/23 5:27 AM

In a recent survey conducted by Uniswap Labs, the leading decentralized finance (DeFi) platform, it was revealed that complexity, lack of understanding, and costs are the primary concerns hindering users from entering the world of DeFi. The findings emphasize the need for simplified and user-friendly applications that abstract the unique complexities of the crypto space, while also addressing transaction fees and costs.

Uniswap Labs, committed to onboarding users directly into DeFi, recognizes the importance of understanding the motivations and needs of current and future users. The survey targeted different user groups, including CeFi (centralized finance) users, DeFi users, hybrid users, and non-crypto users, with 1,860 responses received, closely reflecting the demographics of the US Census.

One of the most encouraging takeaways from the survey is that almost half of the CeFi users expressed a desire to experiment with DeFi protocols in the next 12 months, despite the bearish market conditions. This indicates a growing interest in exploring the possibilities and potential benefits of decentralized platforms.

CeFi users displayed eagerness to learn and engage in on-chain activities such as using self-custodial wallets, participating in Uniswap swaps, and minting non-fungible tokens (NFTs). The focus for building products catering to this group lies in enhancing the user experience and ensuring a smooth transition into the broader crypto ecosystem.

Complexity and cost were identified as the main barriers preventing CeFi users from fully embracing DeFi. Addressing the complexity issue is crucial, as it requires designing applications that simplify the intricacies specific to crypto, such as chain switching, key management, and reading on-chain data.

Uniswap Labs stands firm in its commitment to maintain self-custody and transparency while developing products. Furthermore, transaction fees and costs emerged as notable obstacles, with the expectation that as Ethereum scales and Layer 2 solutions gain wider adoption, DeFi will become more economically accessible to price-sensitive users.

The survey also highlighted the significance of improved support in boosting CeFi users’ comfort levels with DeFi. Respondents expressed that better educational resources and increased user support would enhance their willingness to trade on decentralized platforms.

Uniswap Labs has recognized this need and has established one of the industry’s few customer support teams, aiming to assist users in navigating the complexities of DeFi and fostering their confidence.

In conclusion, Uniswap Labs is actively developing user-friendly tools for both crypto-native and crypto-curious individuals, covering a wide range of activities such as wallet usage, crypto purchases, token swaps, and NFT transactions. The insights from this survey not only provide valuable information for Uniswap Labs but also serve as a guide for other builders in the crypto space. By addressing the barriers and motivations identified, the industry as a whole can work towards creating a more accessible and user-friendly DeFi ecosystem.