One thing we can feel sure about with Decentralized Finance (DeFi), is that it's here to stay. Decentralized exchanges (DEXs) empower users with greater control over trading, while yield farming presents opportunities for earning rewards, and NFTs introduce new ways to utilize assets as collateral — each innovation working to meet the growing demand for simpler, transparent, and customizable financial services.
By improving day-to-day financial services and unveiling fresh opportunities for investors, DeFi is positioned for substantial growth in the coming years, with Statista data suggesting that worldwide DeFi revenues will reach $37 billion by 2028. Meanwhile, the number of users is set to rise to 22 million that same year, up 193% from its peak of 7.5 million users in late 2021.
User-centric design and innovation will be the driving forces for further DeFi adoption. The crypto market has the potential to grow to a $10 trillion industry, from its current market cap. provided DeFi platforms effectively address user needs and preferences. As WalletConnect’s Founder Pedro Gomes recently said in our 2024 Crypto Consumer Report, “DeFi remains the king of crypto use cases, but bringing in a greater spectrum of users will require a broader range of sticky, feature-filled experiences.”
In that same report, we highlight survey data from 300 web3 users, breaking them down into subgroups based on how they use the technology. Roughly 11% of respondents – dubbed the “DeFi Degens” – defined themselves as users who’ve engaged with DeFi in the last three months. What does this user group foresee for the future of DeFi?
What DeFi Degens are looking for in 2024
DeFi has emerged as one of the crypto economy's most important and active sectors, so it comes as no surprise that this user group is always exploring the latest features and searching for new apps to try.