According to a new report from Chainalysis, in the US, Bitcoin dominance has decreased more than in any other region. In the US, between July 2021 and June 2022, Bitcoin, which is the world’s largest cryptocurrency by market capitalization, saw its dominance slip by 6%.
In the US region, there is more than 37% of all DeFi volume than any other region in the world. According to DeFi Llama, on Thursday, the DeFi ecosystem had $53 billion worth of Total Value Locked. Since the start of the year, the DeFi ecosystem has lost more than $100 billion.
According to activity analyzed by Chainalysis, the US holds 37% of all DeFi, while Western Europe holds 31%. Under DeFi, decentralized exchanges hold the most value received, and it is used by professional and institutional investors.
The one which rises after DeFi is NFTs, which lead the category for generating the most web traffic. According to a report, It seemed that the NFTs had been the main way for mainstream customers to enter DeFi. Earlier this week, Reddit’s Collectible Avatars NFT series generated more than 3 million new Web3 users, which shows the power of NFTs.
Over the last year, the US accounted for more than $1 trillion in terms of all crypto transaction volumes, but it stands second in this category, led by Western Europe. According to the Chainalysis report, in the past year, US investors were involved in one in every five crypto transactions, which shows how much people are interested in crypto.
Matt Van Buskirk, the CEO & co-founder of crypto compliance startup Hummingbird, said in the report that current market weakness seems to have focused project teams on very easing financial pain points.
The reason behind the US and Western Europe leading the crypto market from other regions in the world is their deep talent pools of researchers and engineers.