In fact, as we see in the case of DEXs vs.
On-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capitaĭeFi has been one of the fastest-growing areas of cryptocurrency over the last two years.
For this sub-index, we rank countries by their P2P trade volume and weight it to favor countries with lower PPP per capita and fewer internet users, the goal being to highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions. P2P trade volume makes up a significant percentage of all cryptocurrency in emerging markets. Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users We then rank each country according to this metric but weight it to favor countries with a lower PPP per capita. We approximate individuals’ cryptocurrency activity by measuring the amount of cryptocurrency moved in retail transactions, which we designate as any transaction for under $10,000 USD worth of cryptocurrency. The goal of this metric is to measure the activity of non-professional, individual cryptocurrency users at centralized services, based on how much cryptocurrency they’re transacting compared to the wealth of the average person. On-chain retail value received at centralized exchanges, weighted by PPP per capita
The higher the ratio of on-chain value received to PPP per capita, the higher the ranking, meaning that if two countries had equal cryptocurrency value received, the country with the lower PPP per capita would rank ahead. We calculate the metric by estimating total cryptocurrency received by users of centralized services in each country, and weighting the on-chain value based on PPP per capita, which is a measure of the country’s wealth per resident. The goal of this sub-index is to rank each country by total cryptocurrency activity occurring on centralized services, and to then weight the rankings to favor countries where that amount is more significant based on the wealth of the average person and value of money generally within the country. On-chain cryptocurrency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita Experts we interviewed for the report generally agreed that our index matches their perceptions of the markets they operate in, giving us more confidence in the methodology.īelow, we lay out our five sub-indexes and how they’re calculated. Relying on web traffic data means that usage of VPNs and other products that mask online activity, but given that our index takes into account hundreds of millions of transactions, VPN usage would need to be extremely widespread to meaningfully skew our data. In order to calculate our sub-indexes, we estimate countries’ cryptocurrency transaction volumes for different services and protocols based on the web traffic patterns of those services’ and protocols’ websites. The closer the country’s final score is to 1, the higher the rank. We rank all 146 countries for which we have sufficient data according to each of those five metrics, take the geometric mean of each country’s ranking in all five, and then normalize that final number on a scale of 0 to 1 to give every country a score that determines the overall rankings. Our Global Crypto Adoption Index is made up of five sub-indexes, each of which is based on countries’ usage of different types of cryptocurrency services. You can also see where any country ranks using the interactive map above. You can read our methodology below to learn how we do that, then keep scrolling to see the top 20 of our index. While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most. The goal of our index is to measure where the most people are putting the biggest share of their money into cryptocurrency. Think of it this way: We could easily rank countries by raw cryptocurrency transaction volume, which would give you a straightforward view of where the most cryptocurrency activity is happening.
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The 2022 Geography of Cryptocurrency ReportĮverything you need to know about crypto trends around the world! Download now! What is grassroots adoption of cryptocurrency?
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