The United States is among the countries that use cryptocurrencies the most worldwide, along with Vietnam, the United Kingdom, China, and Thailand. The decentralized market has gained priority over the months due to tokens like Bitcoin. According to crypto analytics agency Chainalysis, the United States is leading DeFi adoption worldwide.
The DeFi adoption increase was fueled by professional crypto investors looking to expand their wallets, according to Chainalysis. Based on this, middle and high-income countries with defined crypto trades are taking the best place on the adoption list.
Chainalysis research focuses on 154 countries using DeFi platforms
The head of the study at Dydx, a lending platform on DeFi, said that decentralized finance is focused on users who understand the cryptocurrency market. David Gogel, a leader at Dydx, believes these people who take advantage of DeFi finance have enough money to use the new tokens.
Cryptocurrency research agency Chainalysis studied 154 countries that could use the DeFi platforms with the highest priority. This agency divided its investigation into three parts: on-chain crypto price in DeFi platforms, on-chain retail value in DeFi platforms, and unique deposits in DeFi platforms.
New players join DeFi platforms
Although North America is leading DeFi adoption, it is not the only country with large participation among its inhabitants. So far this year, new players have entered the DeFi finance market, mostly in small countries.
Quantum Economics agent Pedro February thinks that crypto projects are expanding to other areas of the Blockchain network. This year has brought the NFT games trend that has been present in the smallest countries geographically. For example, crypto video games such as Axie Infinity and Plants vs Undead attract people to cryptocurrencies and ask for DeFi.
These non-fungible token games have had a greater reception in countries such as Venezuela and the Philippines for their promises to investors. Axie Infinity promises to double or triple the money of each person who invested around $300.
This new DeFi adoption is opening up to new territories, making their number of holdings increase every day. Countries like El Salvador and Argentina may enter the crypto investment game due to the latest government announcements. A bank in Mexico also intends to take advantage of the crypto trade, bringing a new wave of crypto fans.