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 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.
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.
Read more:
- Chainalysis: The World Is Adopting Crypto At A Very Fast Pace – 880% More Than Last Year, Vietnam & India Leading The Way
- The Number Of Young Stock And Crypto Investors In Rural India Has Increased By 45% Compared To Last Year