Chainalysis – India Leads Global Crypto Index In virtual Currency Usage

Chainalysis Reports One region of the world seeing massive 700% increase in crypto transactions in the past year. More so, Blockchain data platform Chainalysis goes on further to make this report.

Central & Southern Asia and Oceania (CSAO) is processing $572.5 billion in crypto asset value from July 2020 to June 2021. Additionally, Chainalysis explains that the region’s transaction activity is seeing 706% increase in comparison last years.

Subsequently, CSAO’s share of global cryptocurrency activity is also seeing 2% increase, Of course, this represents 14% of global transaction value between July 2020 and June 2021.

Furthermore, Decentralized finance (DeFi) is helping push the increase in crypto adoption across CSAO. This is from the information from Chainalysis.

“As is the case in other regions,..
“…CSAO has seen huge growth in DeFi activity over the last year.”

Also, Chainalysis adds

“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.”

Chainalysis continues

Notably, The CSAO region also contains Vietnam, India, and Pakistan. Which of course, is the top three countries in the blockchain data platform’s Global Crypto Adoption Index.

Conclusively, India is seeing the most focus on DeFi Platforms among the three nations, as reported by Chainalysis.

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