According to a recent Chainalysis report, Central Europe, Northern Europe and Western Europe (CNWE) have become the world’s largest crypto economy.
In the past year, the region has received more than $1 trillion in Crypto, which accounts for 25% of the total crypto economic transactions in the world.
In last year’s survey, CNWE ranked second, but the huge growth in July 2020 pushed Europe to its peak this year.
Although retail transactions have increased, it is mainly institutional investment that drives most of the transactions, 50% of which are DeFi-related.
CNWE has seen a great increase in transaction volume in all Crypto and related services, especially in the DeFi protocol.
According to Chainalysis analysis, growth is largely the result of institutional investment inflows, which is a signal of a large number of transactions. From July 2020, there has been an increase in Crypto transactions worth more than 10 million U.S. dollars.
Institution-related Crypto transactions increased from USD 1.4 billion in July 2020 to USD 46.3 billion in June 2021.
During this period, the UK’s crypto transactions totaled 170 billion U.S. dollars, making it the country with the largest crypto transaction value in Europe. In this data, the DeFi protocol created 49% of the revenue.
Henry Updegrave, senior content marketing manager at Chainalysis, commented on this growth. He told reporters: “The main driving force of the UK’s economic growth is the growth of institutional investment, which is based on the large-scale transfer of most of its trading volume.”
France, Germany, the Netherlands and Switzerland are also in the top five.
Data from Chainalysis shows that in the past 12 months, most of the large-scale transactions of large institutions have flowed to the DeFi platform.
The transactions are in most large organizations Ethernet Square conducted and wETH in. wETH is an ERC-20 token whose value is equivalent to Ethereum, which is commonly used in DeFi protocols.
Researchers pointed out, “In recent months, DeFi protocols have accounted for three to four of the top five services in the Crypto field. Uniswap , Instadapp, and dydx making are all commonly used DApps. At the same time, Binance and Coinbase are the most popular ones. Welcome to the centralized exchange.”
It can be seen from European data that decentralized finance has developed into a multi-billion dollar industry. The popularity of the DeFi market is very high, and the same is true in the United States.
Among European countries adopting Crypto, the United Kingdom is far ahead, followed by France and Germany.
In almost all countries, Ethereum and wETH are the most popular Crypto. Bitcoin accounts for 27% of the value of UK transactions, while Ethereum and wETH account for 40%.
In Germany, Bitcoin accounts for 28% of total transactions, while E-Ethereum and wETH account for 36%. However, France only spends 20% of its transaction volume on Bitcoin, and 45% on Ethereum and wETH.
In most countries, the use of stablecoins has been between 25% and 30%. However, for a small country like Monaco, stablecoins account for 39% of all Crypto activity. In most regions, the usage rate of stablecoins is also stable between 8% and 11%.
The original text comes from bitcoinist, compiled and compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
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