DeFi Pushes N. America to World’s Second-Biggest Crypto Market

[Tubelight]

Growth in decentralized finance (DeFi) has driven North America to the world’s second-biggest largest crypto market, new research by crypto intelligence firm Chainalysis said.

North American addresses received $750 billion in crypto between July 2020 and June 2021, or 18.4% of global transactions. Central, Northern and Western Europe received $1 trillion in that time period, accounting for 25% of global volume, Chainalysis’s 2021 Geography of Cryptocurrency Report found.

Monthly transaction volume in North America grew by over 1,000% between July 2020 and May 2021, from $14.4 billion to $164 billion.
Chainalysis attributed this growth to DeFi, which represented 37% of total transactions in North America between July 2021 and June 2021. The region’s top exchange in that time period is decentralized Uniswap, followed by centralized Coinbase and decentralized dYdX.
The U.S., the region’s largest market, topped Chainalysis’s DeFi Adoption Index, which measures “grassroots adoption” of DeFi.
Both North America and East Asia saw a slight dip in total transaction volume in May 2021. The dip in activity in E. Asia is likely explained by Beijing’s new crackdown on crypto, which started with a State Council proclamation in May. China has historically been the world’s biggest bitcoin mining country and a major hub for crypto trading. More information