What AI tells a user before they deposit
Our questions included the safest place to earn yield on stablecoins, the safest lending protocol, the best decentralised exchange, the safest bridge and where to stake. Here is what the answers were built from, and what it means for a protocol.
On 23 October 2026 we put 36 questions to Perplexity and to ChatGPT with web search, the kind a user asks before choosing: the safest exchange for a beginner in the US, the UK or the EU, the most secure hardware wallet, where to earn yield on stablecoins, which lending protocol is safest, where to stake ETH, how to tell whether a new token is legit, the best crypto debit card, the best crypto tax software. Every question asked for a recommendation, so every answer names products, and we read which pages each answer was built from.
| What we measured | Result | What it means for you |
|---|
| Cited pages that are a ranked list or a comparison | 69% on Perplexity (246 of 358 citations), 73% on ChatGPT (56 of 77) | Users choose a protocol from lists and comparisons. Being on the lists that rank for “safest lending protocol” or “best DEX”, with current numbers, is a channel of its own. |
| Citations on the own site of a project the answer recommends | 6% on Perplexity (22 of 348). In 15 of those 22 the page was the project’s own “best of” list ranking itself among competitors | Protocol sites are rarely what the answer cites, even for the protocol it recommends. A docs site is not a comparison page; the protocols that have one are quoted. |
| Coinbase, the brand named most often | Named in 12 Perplexity and 16 ChatGPT answers. coinbase.com cited in none of them | Even the most recommended names are recommended on other people’s pages. TVL does not put your site into the answer; the pages around you do. |
| Citations on another crypto company’s blog or learn pages | 30% on Perplexity (105 of 348), in 32 of 36 answers. A tax-software company is the fourth most-cited domain, for its pages on the best exchanges | Exchanges, wallets and tax tools explain DeFi on their blogs and get cited for it. The explainer for your own mechanism is a page you can own instead. |
| Answers citing crypto media | 27 of 36 on Perplexity, but 32 of the 50 media citations are the outlet’s own ranked lists, not news. 2 of 36 on ChatGPT | Crypto media appear through their ranked lists. A listing in the right roundup moves the answer more than an announcement does. |
| ChatGPT answers given without searching the web | 11 of 36, including both stablecoin-safety questions and all five questions about whether a new token is legit | Asked whether stablecoins were safe, ChatGPT answered without searching. For a stablecoin or yield protocol, the record has to be right before the user asks. |
| Reddit, YouTube and regulators cited | Reddit 8 citations of 358, YouTube 0, regulators 2, on Perplexity. None of the three on ChatGPT | Threads barely appear in these answers, but governance forums and Reddit rank in Google for your protocol’s name. That is where we answer. |
Asked which stablecoin is the safest to hold, ChatGPT answered without searching and recommended BUSD, which Paxos stopped issuing in February 2023. In DeFi a stale answer is not an inconvenience; it sends deposits to the wrong place. The only fix is an accurate, current record on the pages the models learn from.
Method: Perplexity (sonar) and ChatGPT (gpt-4.1-mini with web search) through the API, 23 October 2026, one answer per question, 36 questions in eight categories, US unless the question was about the UK or the EU. A source is a distinct page the answer cites; ChatGPT’s logo links above each product it lists are not counted. Domains were classified by hand and five answers checked against the raw responses. A small sample, read as a direction: Perplexity returns at most ten sources an answer, so its ten is a ceiling, not a finding.