A new report by Chainalysis has placed the United States of America as the leading country in the adoption of Decentralized finance.
The report, which is the organization’s DeFi Adoption Index, tracks nations that have demonstrated the highest grassroots adoption of DeFi protocols.
Overall, the latest findings by Chainalysis indicate that adoption is moving quickly in places with high-income populations that have already taken an interest in the cryptocurrency space.
Chainalysis ranked nations in three categories: on-chain DeFi value received, on-chain retail DeFi value received and on-chain number of DeFi deposits. The first two are weighted to compensate for each nation’s wealth per resident to mitigate disparities between nations with wealthier and less wealthy populations.
Following the U.S. at second position in Vietnam. Thailand, China and the United Kingdom rounded seats at third, fourth and fifth positions respectively to round out the top five slots on the list.
The research revealed that countries with the largest institutional and professional markets are driving the most DeFi adoption. A development the company claimed was influenced by the fact that DeFi remains the realm of the crypto insider.
According to the report, experienced cryptocurrency traders and investors are the primary drivers of the increase.
DeFi adoption…has primarily been powered by experienced cryptocurrency traders and investors looking for new sources of alpha in innovative new platforms, even when we weight our index to favor grassroots adoption.
It tracks grassroots adoption of both centralized and decentralized uses of cryptocurrency, which Chainalysis says is “skyrocketing”globally. Vietnam is the only country to crack the top five on both lists