The number of funds changing hands on decentralized exchanges was larger, but the number of web traffic produced by #NFTs in the US was higher. According to Chainalysis, Bitcoin dominance in the U.S. has fallen more than in any other region.
The market capitalization of the world’s largest cryptocurrency fell by 6% between July 2021 in the U.S. and June 2022 in the U.S. –largely due to more DeFi activity in the region than any other.
According to DeFi, $53 billion in assets were locked in different protocols by the DeFi ecosystem on Thursday morning. Since the beginning of the year, the category has seen a loss of more than $100 billion.
Chainalysis estimates that 37% of all DeFi activity in the United States is analyzed by Chainalysis. Western Europe accounts for 31%.
Decentralized exchanges (or DEXes) are covered under the DeFi umbrella. They account for the highest value received and are primarily used by institutional and professional investors.
NFTs are the top category in terms of generating the most website traffic. According to the report, this is a sign that NFTs are the main reason mainstream customers have entered DeFi.
It’s not the only indicator. Reddit’s Collectible Avatars NFT Series has been embraced by more than 3 million new Web3 users, according to an executive.
The U.S. accounted, in terms of crypto transactions volumes, DeFi or otherwise, for more than $1 trillion last year, and is second only after Western Europe. According to the Chainalysis report, this means that in the last year, U.S. investors were involved with one in five crypto transactions.
According to Matt Van Buskirk (co-founder and CEO of crypto compliance startup Hummingbird), current market weakness has led project teams to focus on easing financial pain points like identity verification and mortgages.
Because of their deep talent pools, engineers and researchers, the U.S.A. and Western Europe are able to outperform other regions.
He said that there are large concentrations of academic interest and developer talent in New York and London. Therefore, it is common to see many blockchain projects coming from these areas. I advise people who are building great projects in Latin America. But it is more difficult for them to find funding and talent without going to Silicon Valley.