North America Emerges as Dominant Cryptocurrency Market
North America has become the leading cryptocurrency market, with an estimated on-chain value of $1.2 trillion between July 2022 and June 2023, accounting for 24.4% of global transaction activity during this period, according to a report by Chainanalysis.
Decline in DeFi Usage in North America
Despite historically being a heavy adopter of decentralized finance (DeFi) and still leading the world in DeFi usage by raw transaction volume, North America has experienced a significant decline in its share of DeFi activity over the past year. Chainalysis attributes this decline to the highly speculative nature of many DeFi protocols and the regulatory uncertainty within the US market.
“Though challenging, developing such regulation is imperative as DeFi has many useful real-world applications like trading, asset management, lending, and payments, to name just a few.”
Chainalysis acknowledges that the decrease in crypto activity in North America is part of a global trend of decreased transaction volume and grassroots adoption.
The Crypto Landscape in North America
North America has had an eventful year, transitioning from high-profile crypto Super Bowl ads and celebrity endorsements in 2022 to regulatory delays and scrutiny of well-established industry giants in 2023. The region, and particularly the US, has faced setbacks such as the collapse of LUNA and the downfall of crypto exchange FTX and its founder, Sam Bankman Fried, who is currently on trial.
Despite these challenges, North America still managed to secure the fourth position in Chainanalysis’ 2023 Global Crypto Adoption Index. The role of regulation in the region’s recovery from the recent crypto winter is seen as pivotal.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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