A CoinGecko survey showed that most yield farmers do not understand the intelligent contracts that underpin the DeFi protocols they are using.
Most yield farmers do not understand how to interpret the potentially dangerous smart contracts that underpin the ecosystem of decentralized finance (DeFi), yet that has not stopped them from making enormous profits.
However, about half of users are farming with less than $1,000, making high gas fees a significant concern for the population, while three quarters were still willing to pay more than $10 in fees per transaction.
While only 314 respondents in the survey reported that they had previously engaged in yield farming, 59% of those who tried agriculture continues to do so today.
The survey found that the average yield farmer is a reasonably level-headed crypto investor, considering the ‘degenerate’ reputation of the sector, with 68% of users responding that they do not exploit their positions to reduce risk 49% refusing to invest in unaudited protocols.
Just 40% of DeFi users claimed they could interpret smart contracts underpinning the protocols they farm with.
Yield farming is a global phenomenon with 31% of users located in Europe, followed by Asia with 28%, North American with 18%, Africa with 10%, South America with 7%, and Oceania with 4%.
Around 90% of farmers are male, with 34% between 30 and 39, while 25% are in their 20s.
Ether (82.7%) holds more farmers than Bitcoin (74%), and Chainlink has 25.6% of farmers, followed by Polkadot with 19.95%, Tron with 17.3%, and Litecoin with 15.7%.
Just 11 percent of users demonstrated a willingness to engage in governance, despite many DeFi projects distributing farming incentives in the form of governance tokens. 54% of users mainly choose to keep their tickets, while 32% try to instantly sell their tokens.