In its latest study, CoinGecko returned to the different use cases of cryptocurrencies among investors in the ecosystem. Investment, payments, speculation, DeFi, light on the statistics of these different pillars.
CoinGecko studies cryptocurrency use cases
In its latest study conducted in partnership with Blockchain Research Lab with 427 respondents, CoinGecko returned on the different use cases of cryptocurrencies among investors.
Thus, 8 different pillars were studied, depending on how they were used:
Figure 1 — Different use cases for cryptocurrencies
Broadly speaking, many of these pillars can relate to investing, but rather interpret the latter as the simple fact of keeping an asset without doing anything else. However, it will be interesting to note that 6.1% of cryptocurrency users would never have used them for investment. These can therefore be traders on short time horizons, or only in the context of payment for example.
Regarding these payments, 84.5% of respondents have used cryptocurrencies for this purpose at least once. Of this percentage, 17.8% do so “very often”, and it will be interesting to note that 13.6% answered “always”.
As for speculation, which includes short-term trading, this concerns 81% of participantsof which 26.5% do so at least “very often”.
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The other pillars studied
Among other use cases, cryptocurrency staking comes second with 88.8%, second only to investment. It is also one of the least risky methods of generating a return on one’s assets, unlike a decentralized finance protocol (DeFi) whose smart contracts can potentially have flaws.
Regarding DeFi precisely, nearly 80% of those surveyed have already participated in token sales such as launchpads and Initial Coin Offering (ICO), it is also a recurring activity for 23.5% of them :
Figure 2 — Detailed results of the CoinGecko study
Within the other activities related to DeFi, we also find yield farming and lending and borrowing activities, respectively for 74.7 and 57.6% of respondents. The pillar of decentralized loans and borrowings is also the one with the most people who have never tried it: 42.4%.
Finally, 74.5% have already participated in governance issues, although this is a regular activity for only 21.1% of this population.
As the data collected shows, the results are often heterogeneous among the participants, with varying degrees of use between each pillar. Moreover, the same investor can also combine different cases of applicationin order to diversify its activities in cryptocurrencies.
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