To better sympathise user behavior and sentiment regarding transactions and privacy on the blockchain, Manta Network ran a survey in Dec 2020 studying user trust regarding privacy on the blockchain, as well every bit centralized and decentralized exchanges.

The 2021 Privacy & Trust on Cryptocurrency Exchanges report examines the drivers behind user trust and activity surrounding blockchain transactions and exchanges.

Download the full report here.

The 404 participants in the survey all demonstrated some level of activity in the blockchain infinite. The majority of respondents identified as researchers and investors, and leaned toward crypto-maximalist views.

Despite their positive outlook on the time to come role of cryptocurrency, though, near respondents highlight concerns over their privacy as it related to blockchain action. 73% of respondents have either hesitated or completely avoided making a transaction in the by because they were worried about the privacy implications around those transactions (e.yard., their wallet address would exist revealed and linked to their identities).

Furthermore, 84% of respondents expressed at least some level of concern that wallet addresses do not offer plenty privacy. Wallet addresses human activity as a pseudonymous solution for maintaining privacy, just in one case the identity is linked to the individual, and then all of the assets and transaction history of that wallet address are identified also.

Respondents disagree that wallet addresses provide plenty privacy. One user provided a personal example: "My friend made a lot of coin in DeFi. He asked me to judge how much he fabricated. I told him the exact number; he was shocked. It was considering he transferred ETH to me earlier."

Regarding trust and utilize of exchanges, opinions varied between centralized and decentralized exchanges. 29% of respondents indicated that brand reputation of centralized exchanges was a factor that positively impacted their trust and usage of those exchanges.

For decentralized exchanges, respondents indicated control of their assets equally a driving factor. On the other hand, the gas fees on existing DEXs are an inconvenience that crusade users to avoid trading on decentralized exchanges.