The majority of yield farmers do not sympathise how to read the potentially risky smart contracts that underpin the decentralized finance (DeFi) ecosystem — merely that hasn't stopped them making huge profits.

Crypto market data aggregator CoinGecko has published its findings from a survey of ane,347 of its users about yield farming, finding that 93% of respondents claim to have reaped a financial render of at to the lowest degree 500%.

However around one-half of users are currently farming with less than $1,000, making high gas fees a significant concern in the customs, even though 3 quarters were notwithstanding willing to pay more than than $10 in fees per transaction.

While simply 314 of the survey'south respondents indicated they take previously participated in yield farming, 59% of those who have tried farming go on to do so today.

In spite of the 'degenerate' reputation of the sector, the survey found the typical yield farmer is a fairly level-headed crypto investor — with 68% of users responding that they practise not leverage their positions to minimize risk, and 49% refusing to invest in unaudited protocols.

But 40% of DeFi users claimed they were able to interpret smart contracts underpinning the protocols they farm with.

 Yield farming is a global miracle with 31% of users are located in Europe, followed past Asia with 28%, Northward American with xviii%, Africa with 10%, South America with 7%, and Oceania with 4%.

Geolocation statics for yield farming customs: CoinGecko

Around 90% of farmers are male person, with 34% aged between 30 and 39, while 25% are in their twenties.

More yield farmers hold Ether (82.vii%) than Bitcoin (74%) and 25.6% of farmers concord Chainlink, followed by Polkadot with 19.95%, Tron with 17.3%, and Litecoin with fifteen.7%.

Most-pop crypto avails among yield farmers: CoinGecko

Despite many DeFi projects distributing farming rewards in the form of governance tokens, but xi% of users expressed a want to actually participate in governance. 54% of users primarily seek to hold their tokens, while 32% are farming to immediately sell.