Onboard Survey: Exploratory Analysis

This is a quick and dirty exploration of the Onboard Survey data spearheaded by the Education Guild.

I downloaded the data at n = 181. As of this writing, 199 people have responded source

I wanted to get something out sooner than later, so this is a work-in-progress. I focused my efforts on the open-ended questions as Google Forms provides some basic descriptives/charting that we’ll try to capitalize on.

To simplify the interpretation, we’ll go through each question in the survey:

  1. What is your age group?

Bankless DAO skews younger with 42.7% between 25 - 34 years old.

  1. What country do you reside in?

Here are the top five countries represented:

United States (48%)
Canada (5.6%)
United Kingdom (5.1%)
France (4.5%)
Australia (3.5%)

  1. When did you first acquire a crypto currency (bitcoin, ethereum, etc.)?

Suffice to say, Bankless DAO members are innovators / very early adopters (compared to the rest of the world) with ~60% buying crypto currency 3 to 5 or more years ago.

  1. What wallet(s) are you using now? Check as many as applicable. Check none if you don’t have one.


note: picture cut for space

The top 3 wallets for Bankless DAO members are:

  1. Metamask
  2. Ledger
  3. Coinbase

Open Ended Questions

These questions can be broadly split between Wallets & DeFi apps.

  1. If you have used a wallet, what was your first wallet and why did you choose that one?

(see results from previous question)

I’ll focus my analysis on the top 3 wallets:

  • Metamask: 69 / 181
  • Coinbase: 30 / 181
  • Ledger: 19 / 181

Themes for Top 3 Wallets

  • Metamask Reasons:

    • easy/convenient (browser extension), 20
    • widely used, popular, most rec: 15
    • first available: 5
    • friend/family: 4
    • Bankless recommendation: 3
    • Ethereum friendly: 2
    • Integrate Defi apps: 1
    • airdrop: 1
    • comprehensive: 1
    • industry standard: 2
    • decentralized wallet: 1
    • online tutorials: 1
    • reliable: 1
    • Other (Gods Unchained, DPI, smart contract dev, Web3, Cryptokitties)
  • Coinbase Reasons:

    • easy / trusted exchange: 19
    • fiat onboarding, acquire crypto: 6
    • friend/family: 2
    • popular: 2
  • Ledger Reasons:

    • secure/safety: 9
    • hardware wallet: 2
    • self-custody (not your coins, not your keys): 2
    • Bankless recommendation: 2
    • friend/family: 1
    • Influencer recommendation: 1
    • popular: 3
  1. If you have used a DeFi app, what was your first app and why did you choose that one?

Similarly, I’ll focus my analysis on the top 3 wallets:

  • Uniswap: 58 / 181
  • Compound: 16 / 181
  • Aave: 10 / 181

Themes for Top 3 Defi apps

  • Uniswap Reasons:

    • buy, trade assets / swaps tokens: 20
    • easy: 6
    • reputation: 5
    • access token not available elsewhere: 5
    • security / safe / reliable: 3
    • first: 3
    • want to use AMM: 2
    • to access ERC20 tokens: 2
    • family / friend: 2
    • avoid CEX: 2
    • access LP token: 1
    • Bankless recommendation: 1
    • read about it: 1
    • to learn: 1
  • Compound Reasons:

    • easy / simple: 2
    • lending: 2
    • buy DAI: 2
    • experimentation:
    • available with argent: 2
    • family/ friend: 1
    • yield: 1
    • coinbase earn: 1
  • Aave Rasons:

    • reputation: 2
    • family/friend: 1
    • Bankless recommendation: 2
    • influencer: 1
    • easy: 1
    • speculation: 1

General Notes:

For Wallets, Metamask adoption has been driven by both ease of use and perceived popularity. Also the case that Metamask was the first wallet available for many. Similarly, Coinbase is also easy to use and benefits from being the first onramp from a trusted exchange. Ledger use tends to be driven more by a concern for security/safety. But in all cases, reputation and name recognition matters.

For DeFi apps, Uniswap’s adoption was more functional, people wanted to swap tokens or access ones they couldn’t get elsewhere. It’s also perceived to be easy to use and has a good reputation. The reasons for Compound and Aave are similar, although for slightly different uses (lending on Compound).

Questions I did not get to (yet)

  1. What has been painful about using DeFi apps or what has or is an obstacle in your way to using a DeFi app? [Forthcoming]
  2. Tell us about one positive or unexpected outcome you had from using a DeFi app? [Forthcoming]
  3. What DeFi app are you most interested in using? [Forthcoming]
  4. What is your DeFi endgame? [Forthcoming]

These questions will take a bit longer on my part and I’ll provide an update soon.

Raw data & scripts: analytics/onboard/survey at main · BanklessDAO/analytics · GitHub

20 Likes

These are awesome!

Pretty soon I’m gonna want a forum section just for analytics.

5 Likes

well done! thank you for gathering and sharing!

1 Like

Great work! Thanks for sharing

1 Like

This is excellent data. It also goes with BM hypothesis that the people who came into crypto within the past 5 years appear to be those most attracted to building and developing.

1 Like