Authors :
Chetankumar Prajapati
Volume/Issue :
Volume 11 - 2026, Issue 3 - March
Google Scholar :
https://tinyurl.com/yxw2kajn
Scribd :
https://tinyurl.com/yweyssy4
DOI :
https://doi.org/10.38124/ijisrt/26mar755
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
This paper explores how social influence and peer networks shape the adoption of cryptocurrencies and decentralized
finance (DeFi) platforms. Drawing from qualitative interviews and social theory, the study examines how interpersonal
communication, social media influence, and online communities impact user behavior. Findings reveal that peer endorsement
and communal learning are strong drivers of trust and experimentation in the crypto space, especially in regions with limited
institutional trust. Peer networks act as informal but powerful educational structures, providing newcomers with advice,
emotional support, and real-time market insights. In many cases, peer encouragement is what propels hesitant individuals to
take the first step toward using crypto wallets or engaging in DeFi protocols. However, the influence of peers can also perpetuate
hype-driven narratives, misinformation, and herd behavior, leading to poor financial decisions or susceptibility to scams. The
paper concludes with recommendations for leveraging peer networks in designing effective crypto awareness and onboarding
strategies. These include integrating community leaders into education campaigns, offering platform incentives for verified peer
mentorship, and collaborating with trusted influencers to communicate risks and best practices. Understanding the dynamics
of social influence can help policymakers, educators, and platforms foster more ethical, inclusive, and informed crypto adoption
pathways globally.
Keywords :
Peer Networks, Social Influence, Cryptocurrency Adoption, DeFi Onboarding, Community Learning, Behavioral Finance, Social Media, Financial Literacy, Crypto Mentorship, Decentralized Education.
References :
- Bhusal, S. (2021). Peer influence in digital finance: Evidence from emerging markets. Journal of Behavioral Economics and Finance, 9(3), 112–125.
- Cialdini, R. B., & Goldstein, N. J. (2004). Social influence: Compliance and conformity. Annual Review of Psychology, 55, 591–621.
- Wang, Y., Liu, Y., & Zhang, X. (2022). Cryptocurrency adoption and social media: Insights from Reddit and Twitter. Journal of Financial Innovation, 6(1), 44–60.
- Prajapati, C. (2025). Decentralized finance (DeFi) and cryptocurrencies: The latest thinking of people towards the blockchain and FinTech industry (Publication No. 3204323253) [Doctoral dissertation, University of the Cumberlands]. ProQuest Dissertations & Theses Global. https://www.proquest.com/dissertations-theses/decentralized-finance-defi-cryptocurrencies/docview/3204323253/se-2
- Prajapati, Chetankumar. (2025). Decentralized Finance (DeFi) and Cryptocurrencies: The Latest Thinking of People Towards the Blockchain and FinTech Industry. https://doi.org/10.13140/RG.2.2.32534.05446
- Prajapati, C. (2025). AI and blockchain integration in finance. International Journal of Innovative Science and Research Technology, 10(3), 2537–2538. https://doi.org/10.38124/ijisrt/25mar1105
- Prajapati, C. (2025). Global awareness and understanding of decentralized finance (DeFi). International Journal of Innovative Science and Research Technology, 10(5), 3156–3158. https://doi.org/10.38124/ijisrt/25may1833
- Chetankumar Prajapati (2025) Perceived Risks and Challenges in Cryptocurrency Adoption. International Journal of Innovative Science and Research Technology, 10(6), 2122-2124. https://doi.org/10.38124/ijisrt/25jun1206
- Chetankumar Prajapati. “Educational Impact on DeFi and Crypto Literacy". Volume. 11 Issue.2, February 2026 International Journal of Innovative Science and Research Technology (IJISRT) 2028-2030 https://doi.org/10.38124/ijisrt/26feb1228
- Chetankumar Prajapati (2026) Institutional Engagement in the Blockchain Economy. International Journal of Innovative Science and Research Technology, 11(3), 224-227. https://doi.org/10.38124/ijisrt/26mar006
This paper explores how social influence and peer networks shape the adoption of cryptocurrencies and decentralized
finance (DeFi) platforms. Drawing from qualitative interviews and social theory, the study examines how interpersonal
communication, social media influence, and online communities impact user behavior. Findings reveal that peer endorsement
and communal learning are strong drivers of trust and experimentation in the crypto space, especially in regions with limited
institutional trust. Peer networks act as informal but powerful educational structures, providing newcomers with advice,
emotional support, and real-time market insights. In many cases, peer encouragement is what propels hesitant individuals to
take the first step toward using crypto wallets or engaging in DeFi protocols. However, the influence of peers can also perpetuate
hype-driven narratives, misinformation, and herd behavior, leading to poor financial decisions or susceptibility to scams. The
paper concludes with recommendations for leveraging peer networks in designing effective crypto awareness and onboarding
strategies. These include integrating community leaders into education campaigns, offering platform incentives for verified peer
mentorship, and collaborating with trusted influencers to communicate risks and best practices. Understanding the dynamics
of social influence can help policymakers, educators, and platforms foster more ethical, inclusive, and informed crypto adoption
pathways globally.
Keywords :
Peer Networks, Social Influence, Cryptocurrency Adoption, DeFi Onboarding, Community Learning, Behavioral Finance, Social Media, Financial Literacy, Crypto Mentorship, Decentralized Education.
