Vietnam, India and Pakistan have the highest levels of cryptocurrency grassroots adoption globally particularly with use of decentralised finance (DeFi).
Crypto data firm Chainalysis’ report also placed Thailand twelfth and Philippines fifteenth on its Global Crypto Adoption Index in their use of digital assets including bitcoin and ethereum.
The driver was DeFi across the Central & Southern Asia and Oceania (CSAO) area, which the firm defines as Asia and Oceania, minus East Asian states such as China.
DeFi activity “skyrockets”
According to Chainalysis’ research, DeFi activity as a share of all transaction volumes “skyrockets” across CSAO starting from May 2020. By February this year DeFi transactions reached above 50% by February.
Most activity was conducted on DeFi exchanges Uniswap, Instadapp, and dydx.
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