According to the latest report of the crypto analytical firm Chainalysis, the Central, Northern and Western European region (CNWE) has become the world’s largest cryptocurrency economy thanks to the spread of decentralized finance.
CNWE Rises From Second Place to First Place
According to the report, CNWE has assumed 25% of all global activity in the cryptocurrency ecosystem over the past 12 months. The researchers say that ”the fact that CNWE, which ranked second last year, has taken the top spot is a result of the tremendous growth that began in July 2020.” According to Chainalysis, more and more large institutions DeFiThe fact that it is directed to makes decentralized finance even more interesting.
The trading volume of CNWE has increased significantly across all types of cryptocurrency services, most notably on DeFi protocols. June July 2020, the value of corporate-sized transactions was $ 1.4 billion, and in June 2021 it reached $ 46.3 billion. Stating that the majority of large corporate transfers have occurred to DeCi platforms in the last 12 months, the researchers say that Uniswap stands out the most among these protocols. The data shows that among the CNWE countries in terms of transaction volume, the UK has come dec the forefront. In addition, France, Germany, the Netherlands and Switzerland complete the top five.
At CNWE, ETH Surpasses BTC in Terms of Transaction Volume
Ethereum (ETH) and Wrapped Ethereum (WETH) have overtaken Bitcoin, becoming the most popular cryptocurrencies in almost every CNWE country. While Bitcoin transactions in the UK account for 27% of all cryptocurrency transactions ETH and WETH and it accounts for 40% of all transactions.
Although there are slight differences between the distribution of activities of countries in general, it is decisively obvious that CNWE has become the largest cryptocurrency market in the world.