Chainalysis recently published its fourth annual research synthesis work, featuring its Global Crypto Adoption Index. The research report shows a range of on-chain data and real-world data on countries leading in grassroots crypto adoption.

The results show Asian and African countries in the lead, particularly in terms of retail crypto services and average amount value received from decentralized finance.

The Chainalysis research methodology provides a comprehensive picture by combining five distinct metrics, from on-chain values received at centralized and decentralized (DeFi) exchanges to peer-to-peer (P2P) trade volume. All these metrics are fine-tuned by variables like purchasing power parity (PPP) per capita, providing a more nuanced view of actual grassroots adoption.

While web traffic patterns to cryptocurrency services and protocol sites are used to derive transaction volumes, Chainalysis acknowledges the potential shortcomings due to VPN use. Still, with data encompassing hundreds of millions of transactions and 13 billion web visits, the firm believes in the robustness of its findings.

India tops the index, ranking first overall, despite ranking only 5th in P2P exchange trade volume ranking. Nigeria, Vietnam

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Author: Vince Dioquino

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