December 31, 2022

Turkey DeFi & Stablecoin Trends 2022

Turkey DeFi & Stablecoin Trends 2022

Decentralized finance, also known as DeFi, has been growing in popularity within the Turkish crypto community, but the mass adoption will still take a few more years. More data and research is needed to build products that meet users' needs and preferences. In the absence of any credible data or research, as BiLira, we decided to conduct our own DeFi research to understand the DeFi users better. 

The survey had more than 1000 participants and it was publicized through BiLira social media accounts and our partner’s communication channels. A reward system was set up with BiLira Merch giveaways to attract more participants. The survey took an average of 5 minutes to complete and consisted of various questions about DeFi and stable cryptocurrencies.

The purpose of the research was to have a better understanding of the DeFi habits of Turkish crypto users. With the conclusions we reached, we will develop our products based on the needs of our users and the Turkish blockchain community. 

Here are the key takeaways from the survey:

  • 82% of the participants in the survey were BiLira users.
  • 76% of the participants have previously carried out DeFi transactions.
  • The most popular networks for DeFi transactions were Ethereum, Polygon, and Avalanche. 
  • 12% of the participants carried out DeFi transactions on the Optimism network, which is not among the networks that TRYB is available on.
  • When asked where they learned about DeFi developments, crypto news sites and their distribution channels were the most preferred news source across all age groups. Influencers and social circles were the second and third most preferred sources of information respectively. 
  • As the age increases, interest in influencers decreases, and news channels become more popular.
  • Participants consider gas fees to be the top determinant factor when conducting DeFi transactions. After that, the reliability of the network and availability of applications.
  • For female crypto users, reliability is more important than gas fees when considering DeFi transactions.
  • 60% of the participants are confident that the DeFi adoption will be more widespread in the near future.
  • Among those who carry out DeFi transactions, liquidity mining is the most preferred financial product. 
  • Uniswap is the most popular DeFi application among participants, with a close between AAve, Curve, Pangolin, Trader Joe, and dYdX.
  • Master's degree graduates selected dYdX as their preferred DeFi platform
  • When it comes to questions about stablecoin habits, 92% of all the participants used stable cryptocurrencies. This rate is 98% among DeFi users. 
  • Tether (USDT) is the most used stable cryptocurrency, but as the education level increases, the preference for USDC increases. 
  • 80% of the participants use stable cryptocurrencies for transferring value. 72% use them as safeguard assets during volatile markets 
  • And 58% have previously carried out a DeFi transaction with TRYB.

For more detailed information about the research or to share your ideas with us, you can reach us at [email protected].

You can also register to BiLira and for questions and suggestions, contact [email protected]

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