Summary
The Chainalysis 2024 Global Crypto Adoption Index presents a comprehensive analysis of cryptocurrency adoption worldwide, ranking countries based on usage data from various services. This report reveals that India, Nigeria, and Indonesia lead in adoption, particularly within the Central & Southern Asia and Oceania region. Significant enhancements to the methodology have been implemented, focusing on the measurement of DeFi activity and the exclusion of diminishing peer-to-peer exchange metrics. Overall, the report indicates a surge in global crypto activity, reflecting a broadening acceptance of cryptocurrency across diverse economic classes.

The Chainalysis 2024 Global Crypto Adoption Index has been released, highlighting the leading countries in grassroots cryptocurrency adoption. This report serves as an excerpt from the comprehensive 2024 Geography of Cryptocurrency Report, which analyzes both on- and off-chain data alongside unique cryptocurrency use cases becoming prominent in various regions. The index ranks countries based on transaction volumes across different cryptocurrency services and reveals notable findings regarding the global crypto landscape. The Index is determined by four specific sub-indexes that assess countries’ engagement with cryptocurrency. These sub-indexes include measurements of on-chain value received from centralized services, retail-level transactions, DeFi protocols, and retail transfers within DeFi. Each measure incorporates adjustments based on the country’s population and purchasing power, utilizing a comprehensive dataset that encompasses significant web traffic analytics and transaction volumes. Notably, the methodology has undergone revisions this year, particularly in measuring decentralized finance (DeFi) activity. Changes in methodology reflect the evolving nature of the cryptocurrency market. This year, DeFi activity is evaluated only based on suspected personal wallets to provide a more accurate account of actual usage without intermediary inflations. Additionally, the exclusion of peer-to-peer exchange data has been integrated due to a marked decline in their operational activity. The results show that India, Nigeria, and Indonesia lead the rankings, with Central & Southern Asia and Oceania (CSAO) dominating the top 20 countries. A significant increase in global crypto activity has been observed, with the total value reaching heights not seen since the previous bull market in 2021, signaling a more widespread adoption of cryptocurrency across various income brackets. The analysis indicates a growing influence of Bitcoin and stablecoin transactions within both high and low-income countries, changing the landscape of crypto utility. For a detailed overview and ranking of all participating countries, Chainalysis encourages readers to refer to the complete 2024 Geography of Cryptocurrency Report. This resource provides a deeper insight into regulatory trends and the shifting paradigms of blockchain technology on a global scale.

The 2024 Global Crypto Adoption Index serves as an annual assessment conducted by Chainalysis, tracking grassroots cryptocurrency usage across various nations. Utilizing extensive data collection methods, the report examines individual country behaviors concerning cryptocurrency through transaction data and web traffic analytics. Furthermore, it signifies the evolving nature of crypto adoption, especially amid changing socio-economic environments and technological innovations.

In summary, the Chainalysis 2024 Global Crypto Adoption Index reveals an increase in global crypto activity, particularly among lower-middle-income nations, while highlighting the continued rise of established markets. With significant contributions from the CSAO region, the findings of this report underscore the importance of regional dynamics in crypto adoption. The revised methodologies will likely enhance the precision of future assessments and reflect the continually shifting landscape of cryptocurrency.

Original Source: www.chainalysis.com

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