The 2024 Chainalysis Global Crypto Adoption Index reveals significant shifts in cryptocurrency adoption worldwide, with Central & Southern Asia and Oceania (CSAO) emerging as the leading regions in global crypto activity. This year’s report highlights the countries with the highest levels of grassroots cryptocurrency use and examines why these regions are increasingly embracing digital assets.
The Global Crypto Adoption Index uses a sophisticated methodology to rank 151 countries based on their cryptocurrency activities. The index includes four key sub-indexes:
- Centralized Services Value Received: Measures the total value of cryptocurrency received by centralized services, adjusted by GDP per capita to reflect its significance relative to the average income in each country.
- Retail Centralized Services Value Received: Focuses on smaller, retail-sized transactions under $10,000, with rankings weighted similarly to reflect the average purchasing power of individuals.
- DeFi Value Received: Assesses the value received through decentralized finance (DeFi) protocols, again adjusted by GDP per capita.
- Retail DeFi Value Received: Measures retail-sized transactions in DeFi protocols, weighted to favor countries with lower GDP per capita.
This year’s report highlights that CSAO leads with several countries from the region in the top 20 rankings. India, for instance, tops the index, demonstrating significant cryptocurrency activity across both centralized services and DeFi. Other notable countries include Nigeria, Indonesia, and Vietnam, which also feature prominently due to their growing digital asset markets.
The index methodology has been refined this year to improve accuracy. For example, DeFi activity is now measured based on direct transactions from personal wallets, excluding intermediary steps to avoid inflated values. Additionally, the sub-index for peer-to-peer (P2P) exchanges was removed due to a decline in activity, reflecting broader market trends.
For traders and investors, this index provides valuable insights into emerging crypto markets and trends. Countries in CSAO are showing high levels of engagement with both centralized and decentralized cryptocurrency services. The report suggests that these regions are not only adopting crypto rapidly but also developing unique use cases that could present new opportunities for investment and trading strategies.
The full 2024 Geography of Cryptocurrency Report offers detailed rankings and analysis, which can help traders and investors identify promising markets and understand the dynamics driving global cryptocurrency adoption.
