The U.S. Tops Global DeFi Adoption Report by Chainalysis
The 2021 Global DeFi Adoption Index by Chainalysis reported that the U.S, Vietnam, Thailand, China, and the U.K. are the top five countries in the global adoption of decentralized finance (DeFi). Followed by India, Netherlands, Canada, Ukraine, and Poland to complete the top ten countries.
Chainalysis compared 154 countries and ranked them based on three components: on-chain crypto value received by DeFi networks weighted by PPP per capita, the total retail value received by DeFi platforms, and individual deposits to DeFi platforms. According to this report, middle to high-income countries with a history of established cryptocurrency markets and significant growth have ranked higher.
Decentralized finance (DeFi) platforms are created on top of smart chain contracts blockchains, like Ethereum network, which call for different applications like lending, trading, saving, investing, and stocks that use digital assets to disrupt financial sectors.
The surge in DeFi adoption was mainly caused by experienced crypto traders looking to diversify their assets on new innovative platforms. In comparison, some individuals are eyeing digital assets as a store of value to fight inflation. Another scenario contributing to embracing crypto is immigrants’ ways of sending remittances via cryptocurrencies to combat high exchange fees.
In conclusion, the fast-growing DeFi ecosystem remains hidden from the radars of financial regulatory networks, making it the best choice for professional traders than the traditional cryptocurrency sector. This space will continue to rise and invite many individuals who perceive the future along with digital assets.
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