More than 40% of Americans are open to using decentralized finance (DeFi) protocols if pending legislation is enacted, according to new polling from the DeFi Education Fund (DEF).
The survey, conducted by Ipsos between Aug. 18–21 with 1,321 U.S. adults, found that interest in DeFi is closely tied to frustrations with traditional finance. Alec Tyson, vice president at Ipsos Public Affairs, said the results highlight “emerging awareness of cryptocurrency and decentralized finance as many Americans express frustrations with current financial institutions’ ability to deliver security, personalized control and flexibility.”
42% Would Likely Try DeFi
According to the data, 42% of respondents said they would likely experiment with DeFi if lawmakers pass new regulations. That figure includes 9% who described themselves as “extremely or very likely” to try, and 33% who said they were “somewhat likely.”
Of those respondents, 84% said they would primarily use DeFi for online purchases. However, only 12% of Americans overall expressed strong interest in learning more about the sector. Roughly 40% said DeFi could help reduce the high fees associated with banks and traditional finance.
“I would keep more of my paycheck in my pocket. I wouldn’t have to rely on financial institutions or pay them fees,” said one respondent from Queens, New York.
Widespread Distrust of Traditional Finance
The poll also revealed low confidence in the U.S. financial system. Fewer than half of respondents said the system meets their financial needs, while only one in four believe it is designed to benefit ordinary people.
Control, security, and independence were recurring themes: many respondents said they want the ability to manage their money at all times and transact without intermediaries. Just 29% considered the current financial system secure, and nearly three-quarters agreed it needs major upgrades to counter new threats like cybercrime and AI.
DeFi Seen as a Possible Alternative
The DEF summarized the findings by pointing to security and lower costs as the main drivers of DeFi interest. “Americans believe DeFi can alleviate friction points in finance today,” the researchers noted.
Still, DeFi adoption remains in its early stages. Last month, U.S. Federal Reserve Governor Christopher Waller remarked there was “nothing to be afraid of” about crypto payments operating outside the traditional banking system.
DeFi is still a very nascent sector with total value locked across all protocols currently standing at $160 billion, according to DefiLlama, which is less than the market capitalization of Boeing.
