The analytical company Chainalysis has posted a report on the geography of the cryptocurrency market with links to trends and major events since July 2020.
report Chainalysis, there is an explosive growth in interest in cryptocurrencies in the US. Transaction volume rose from $ 14.4 billion in July 2020 to an all-time high of $ 164 billion in May 2021. DeFi protocols account for more and more transactions from the total volume on the market every month.
By June, transactions conducted through DeFi protocols had significantly surpassed the volumes of crypto-licensed exchanges. In the ranking among countries, the United States took the second place in the number of transactions in DeFi protocols, second only to Europe as a whole.
The largest volume of transactions was processed by the DeFi Uniswap platform – $ 100 million in 12 months. The leader is followed by the decentralized exchanges dYdX and Compound, each processing transactions worth $ 50 million. As a result, DeFi projects in terms of transaction volume outpaced such giants as Coinbase, Binance US and Kraken.
DYdX DeFi Lead Development Specialist David Gogel believes the growth of the DeFi market is driven by the influx of wealthy insiders. He stressed that most of the institutional investors in the United States are just taking their first steps in the cryptocurrency market. This class of investors is attracted by the investment opportunities of the DeFi market.
“The DeFi market is now targeting cryptocurrency insiders. These people have been in the industry for a long time and have enough funds to experiment with new assets. ”
According to the website DefiLlama, the amount of funds on DeFi sites has exceeded $ 200 billion.Since the end of June 2020, the total amount of blocked assets in DeFi (TVL) has doubled.
According to the report of the analytical company Chainalysis, Europe is the leader in the volume of cryptocurrency transactions. From July 2020 to June 2021, the region accounted for 25% of all transactions worth over $ 1 trillion. Europe has seen a surge in transaction volume, especially in the DeFi sector. Michael Hsu, director of the Office of the Comptroller of the Currency, fears the DeFi industry could lead to an economic meltdown similar to the 2008 financial crisis.