Introduction
The Chainalysis Global Crypto Adoption Index provides a comprehensive analysis of grassroots cryptocurrency adoption worldwide. This fifth annual report evaluates on-chain and off-chain data to identify leading countries in crypto adoption, highlighting unique use cases and regional trends.
Methodology Overview
Sub-Index Categories
The Index comprises four weighted sub-indexes, each measuring distinct aspects of crypto adoption:
Centralized Services Value Received
- Measures total on-chain value received by centralized exchanges, weighted by GDP per capita (PPP-adjusted).
- Favors countries where crypto volume is significant relative to average income.
Retail Centralized Services Value Received
- Tracks retail-sized transactions (<$10,000) on centralized platforms, weighted by GDP per capita.
DeFi Protocol Value Received
- Ranks countries by DeFi transaction volume, weighted by GDP per capita.
Retail DeFi Value Received
- Focuses on retail-sized DeFi transactions (<$10,000), similarly weighted.
Key Methodology Updates for 2024
- DeFi Activity Measurement: Now excludes intermediary contract transfers to avoid inflation of value metrics.
- Exclusion of P2P Exchange Data: Due to declining activity post-LocalBitcoins shutdown.
2024 Top 20 Countries by Crypto Adoption
| Country | Region | Overall Rank |
|--------------|--------------------------------|-------------|
| India | Central & Southern Asia (CSAO) | 1 |
| Nigeria | Sub-Saharan Africa | 2 |
| Indonesia | CSAO | 3 |
| United States| North America | 4 |
| Vietnam | CSAO | 5 |
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Regional Highlights
- CSAO Dominance: 7 of the top 20 countries are in Central & Southern Asia and Oceania, driven by local exchange activity and DeFi usage.
- Sub-Saharan Africa: Nigeria leads with high retail adoption, leveraging crypto for remittances and commerce.
- Latin America: Brazil and Venezuela rank highly due to inflation hedging and cross-border payments.
Global Crypto Activity Trends
Quarterly Growth (Q4 2023–Q1 2024)
- Total crypto activity surpassed 2021 bull-market levels.
- Bitcoin ETF Impact: Institutional transfers surged in high-income regions like North America.
- Stablecoin Growth: Retail adoption increased in lower-income countries for real-world payments.
DeFi Expansion
- Sub-Saharan Africa, Latin America, and Eastern Europe saw significant DeFi adoption, correlating with rising altcoin activity.
FAQs
1. How is the Adoption Index scored?
Countries receive a normalized score (0–1) based on geometric means of sub-index rankings. Higher scores indicate greater adoption.
2. Why was P2P data excluded?
P2P exchange volumes declined sharply after LocalBitcoins' closure, skewing historical comparisons.
3. Which regions show the fastest crypto growth?
Lower-middle-income countries (e.g., Nigeria, India) and DeFi-centric regions (e.g., Eastern Europe) lead in year-over-year growth.
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Conclusion
The 2024 Index underscores crypto's global reach, with adoption accelerating across diverse economic landscapes. For deeper insights, download the full [Chainalysis Geography of Cryptocurrency Report].
Note: All third-party links are independent of Chainalysis’ oversight. This report does not constitute financial advice.