According to a study by Binance Research, most traders save bitcoins and use DeFi applications as the safest way to invest.
Binance cryptocurrency exchange conducted a survey of 61,000 cryptocurrency traders from 178 countries. The survey was conducted from September 15 to October 25, 2020.
According to the published
report, the majority of those surveyed are interested in storing rather than selling cryptoassets. 39% of exchange users prefer to store cryptocurrencies for the long term, taking the position of “hodlers”. 28% of traders trade cryptocurrency pairs without fiat. 22% of survey participants said they use their digital assets for staking and lending on DeFi apps.
Binance Research notes that staking is becoming more popular as Ethereum 2.0 launches. 66% of traders use Decentralized Finance (DeFi) apps and believe the sector is growing rapidly. By
data Dune Analytics platforms, the volume of coins blocked for staking in Ethereum 2.0 is 2,814,882 ETH.
65% of respondents own bitcoins, but only 11% use them for payments. This suggests that cryptocurrencies are slowly being introduced into the payments industry. According to Binance analysts, 97% of users trust cryptocurrencies. More than 52% of respondents named investments in cryptocurrencies as a source of additional income, and for 15% of users, cryptocurrencies have already become the main source of income.
Recall that last week, the exchange carried out the largest destruction of 3.6 million BNB coins worth $ 165.8 million. However, Binance CEO Changpeng Zhao believes that the accelerated burning of BNB will deprive analysts of the ability to “reverse count” Binance’s earnings for the past quarter.
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