A recent survey conducted by CoinGecko and Blockchain Research Lab revealed that people use cryptocurrencies more for investment, staking, and payment. The study also pointed out that borrowing and lending are the least explored cryptocurrency use cases for the community.
Sharing the survey, CoinGecko tweeted:
https://twitter.com/coingecko/status/1646476930131320833
As cryptocurrency is programmable by its very design, its applications (or use cases) are unlimited. In the current times, though, crypto is approached and treated as a financial asset, people mostly use it for investment, staking, and payments. Lending or borrowing as cryptocurrency use cases fall even behind yield farming and governance.
Significantly, ranked at the top is the investment use case with 93.9%, followed by staking with 88.8%. While payment and speculation are ranked third and fourth, their percentages are 84.5% and 81%, respectively. Participation in Token Sales claims a use case share of 79.6%, followed by yield farming, governance, and lending or borrowing, with 74.7%, 74.5%, and 57.6%, respectively.
Interestingly, 56.2% resorted to using their crypto for participating in token sales only sometimes or rarely. 20.4% didn’t ever considered buying newly-launched tokens
Further, the survey in question pointed out that 3 holders out of 10 (or 37.9%) use cryptocurrencies as an investment. While 2 in 10 (or 20.1%) crypto holders tend to participate in staking, as per the CoinGecko survey, 27.6% of the participants often stake their cryptocurrencies. With 81.0% of holders having speculated on cryptocurrencies, 19% altogether avoided cryptocurrency speculations, the survey revealed.
CoinGecko’s methodology for the survey includes examining 427 resources from the recent NFT and Crypto Users Survey from December 2022 to January 2023.
