According to the 2022 Geography of Cryptocurrency report from Chainalysis, India ranks number one in Defi protocol adoption. What do you think has accelerated this growth?
As per a recent study by Chainalysis, India boasts a commanding 59% stake in decentralized finance (DeFi) platform usage. This surge in engagement can be ascribed to the significant number of early crypto adopters in the country who possess a sound understanding and recognition of the long-term potential of virtual digital assets. Additionally, with a growing trend towards self-custody and centralized platforms facing a trust deficit, more and more users are turning to the benefits of peer-to-peer financial ecosystems backed by smart contracts.
