One region of the world is seeing a whopping 700% surge in crypto transactions in the past year, according to a new report from the blockchain data platform Chainalysis.
Central & Southern 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 grew by 706% compared to last year in terms of raw value.
CSAO’s share of global cryptocurrency activity also grew by 2%, representing 14% of global transaction value between July 2020 and June 2021.
Decentralized finance (DeFi) has helped drive the surge in crypto adoption across CSAO, according to Chainalysis.
“As is the case in other regions, CSAO has seen huge growth in DeFi activity over the last year.
Starting around May 2020, DeFi activity as a share of all transaction volume skyrockets, reaching above 50% by February. This activity is primarily driven by Uniswap, Instadapp, and dydx, with significant activity on Compound, Curve, AAVE, and 1inch as well.”
The CSAO region is home to Vietnam, India, and Pakistan, the top three countries in the blockchain data platform’s Global Crypto Adoption Index.
Of the three nations, India has seen the most focus on DeFi platforms.
Read the full Chainalysis report here.
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