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The U.S. is leading the way in DeFi adoption, according to a new report from Chainalysis

Not long ago, as AZCoin News reported, Chainalysis found Vietnam to have the highest cryptocurrency adoption. However, in its first Global DeFi Adoption Index, Vietnam has temporarily ceded the leading position and the U.S. is leading the way in the Chainalysis Global DeFi Adoption Index.

Chainalysis releases DeFi Adoption Index with the U.S. leading the way

Chainalysis released its index on Tuesday, tracking which nations have demonstrated the highest grassroots adoption of DeFi protocols. The findings indicate that adoption is moving quickly in places with high-income populations that have already taken an interest in the cryptocurrency space.

Standout countries exemplifying these trends are the United States, China, Vietnam, the UK, and several other Western European countries that rank high.

the-u-s-is-leading-the-way-in-defi-adoption-according-to-a-new-report-from-chainalysis

The 2021 Global DeFi Adoption Index Top 20 | Source: Chainalysis

Chainalysis ranked 154 countries and ranked them based on three metrics: On-chain cryptocurrency value received by DeFi platforms, Total retail value received by DeFi platforms, Individual deposits to DeFi platforms. The U.S., Vietnam, Thailand, China, and the United Kingdom rounded out the top five slots.

Countries with the largest institutional and professional markets are driving the most DeFi’s adoption. This is because DeFi remains the realm of the crypto insider.

the-u-s-is-leading-the-way-in-defi-adoption-according-to-a-new-report-from-chainalysis

Share of total transaction volume by transaction size for DeFi crypto activity | Source: Chainalysis

“DeFi adoption, on the other hand, has primarily been powered by experienced cryptocurrency traders and investors looking for new sources of alpha in innovative new platforms, even when we weight our index to favor grassroots adoption,” Chainalysis stated.

While countries are increasingly embracing DeFi, the sector has yet to become mainstream compared to the broader crypto market.

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