Original title: “The Sudden Rise of Defi-Survey Findings”
Written by: Crypto.com and Boston Consulting Group
Translation: Zhan Juan
After conducting research on the rise of DeFi, we cooperated with the Boston Consulting Group (BCG) to conduct research on more than 400 financial institutions. Surprisingly, 86% of these organizations are evaluating services on a certain DeFi framework. The service that has received the most attention is asset management/payment processing.
86% of companies are evaluating or implementing services built on a decentralized framework
Financial institutions begin to believe in decentralized finance
A research project analyzed the adoption of decentralized services by 400 traditional financial institutions in Europe.
Without anyone’s consent, you can borrow money, lend money, deposit funds into savings accounts, or trade complex financial products. This ability is being widely used. In the past year, the value locked in DeFi has increased by 1,500% to $8 billion, which has clearly attracted the attention of financial institutions.
- 86% of surveyed companies are implementing or evaluating services built on a decentralized framework
- 58% of companies worry that ignoring DeFi tools will make them lose their competitive advantage
Larger financial institutions are more likely to adopt DeFi and realize the first-mover advantage because they can take more risks
Percentage of DeFi evaluation/implementation in 400 companies in Europe (by company size)
DeFi solutions require internal support and sufficient investment levels to ensure first-mover advantage and achieve expected benefits. This is why large financial institutions are more likely to adopt DeFi because they can take risks.
For faster and safer payment processing services, 38% of companies have switched to DeFi
- 42% of companies are evaluating or implementing blockchain technology for asset management.
- 38% of companies are using it to promote faster and safer payment processing services.
- Among companies with an annual turnover of over £10 billion, this figure rises to 61%.
Among the companies surveyed, 70% of companies have security concerns about fraud
- 70% of surveyed companies have security concerns about fraud
- 15% of decision makers believe that although decentralized finance poses a threat, their companies oppose this approach.
Challenges preventing companies from adopting DeFi widely
The most important thing in DeFi is arguably the smart contract risk. Participants do not need centralized custody and servers, but believe that smart contracts have no loopholes and will not put assets at risk.
DeFi will open up new sources of revenue for 67% of surveyed companies
DeFi’s impact on operating models
The main difference between DeFi’s decentralized governance model and corporate governance is that shareholders can only affect the broad changes in the company’s development direction, while token holders in DeFi can affect any element of the agreement, from high-level directions to daily operations. aspect.
- 59% of surveyed companies will have to implement a new governance structure.
- 67% of the surveyed companies said that restructuring will open up new sources of revenue.
- 70% of the surveyed companies said that restructuring will increase the speed of financial transactions and reduce costs.
- 61% of surveyed companies are considering using DeFi as a smart contract implementation of financial services.
61% of surveyed companies said that lack of supervision is their main challenge
- 61% of surveyed companies believe that lack of supervision is a major challenge.
- 60% of companies worry about the lack of a recovery mechanism.
More concerns about adopting DeFi
Regulators are paying close attention to this area, and the Financial Stability Board (FSB), International Organization of Securities Commissions (IOSCO) and FCB highlighted their concerns last year. The European Commission is also considering the development of a new regulatory framework for encrypted assets and related activities.
Among companies implementing DeFi, 39% are using existing alliances, platforms, applications or services to collaborate on the implementation of DeFi
How does the company plan to implement DeFi?
- 24% of companies are developing their own alliance or platform.
- 22% of companies are working with competitors because the resulting DeFi ecosystem will not be optimal.
- 19% of companies plan to obtain mature decentralized services
- 39% of companies are working with existing alliances, platforms, applications or services.
