Crypto transactions increased by over 700% in this part of the world, according to Blockchain Data Platform Chainalysis

[ad_1]

One region of the world has seen a huge 700% increase in crypto transactions in the past year, according to a new report from blockchain data platform Chainalysis.

Central and South Asia and Oceania (CSAO) received $ 572.5 billion in crypto asset value between July 2020 and June 2021. Chainalysis notes that the region’s transaction activity increased by 706. % compared to last year in terms of gross value.

CSAO’s share of global cryptocurrency activity also increased by 2%, accounting for 14% of the value of global transactions between July 2020 and June 2021.

Source: chain analysis

Decentralized Finance (DeFi) has contributed to the surge in the adoption of crypto in CSAO, according to Chainalysis.

“As is the case in other regions, CSAO has experienced tremendous growth in DeFi business over the past year.

From around May 2020, DeFi activity as a share of all transaction volumes skyrockets, reaching over 50% in February. This activity is mainly driven by Uniswap, Instadapp and dydx, with significant activity on Compound, Curve, AAVE and 1inch as well. “

Source: chain analysis

The CSAO region is home to Vietnam, India and Pakistan, the top three countries in the Global Crypto Adoption Index of the blockchain data platform.

Of the three countries, India has put the most emphasis on DeFi platforms.

Source: chain analysis

Read the full Chainalysis report here.

Don’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headline news Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / iurii / Vladimir Sazonov

[ad_2]