CNWE’s transaction quantity grew considerably throughout nearly all cryptocurrencies and repair varieties, however particularly on DeFi protocols. An inflow of institutional funding, signalled by giant transactions, drove a lot of the progress, although retail exercise additionally elevated.
Giant institutional cryptocurrency transaction worth grew from USD 1.4 billion in July 2020 to USD 46.3 billion in June 2021, at which level it made up greater than half of all CNWE exercise.
Taking a look at CNWE’s prime 5 companies by transaction quantity every month for 2020 reveals the influence DeFi has had. DeFi protocols symbolize three to 4 of the highest 5 companies in most months, with Uniswap, Instadapp, and dydx making frequent appearances. Binance and Coinbase, in the meantime, stay the most well-liked centralised exchanges.
CNWE’s largest buying and selling accomplice is North America, adopted by Japanese Asia, Central and Southern Asia, and Japanese Europe. Companies contributing to this dynamic embody eToro, Bitstamp, and CryptoKitties.
The UK leads the cryptocurrency exercise in CNWE by a large margin at USD 170 billion, 49% of which is from worth despatched to DeFi protocols. France, Germany, the Netherlands, and Switzerland spherical out the highest 5. DeFi’s share of all exercise is comparatively uniform throughout all nations in CNWE, although we do see some outliers like Albania, the place it makes up practically half of all exercise.
Stablecoin utilization is constantly between 25% and 30% of all transaction quantity for many nations, save for outliers like Monaco, the place stablecoins account for 39% of exercise. Altcoin utilization is equally constant at 8% to 11% for many areas. Nonetheless, we see extra variance within the breakdown between Bitcoin and Ethereum or wETH. Mixed, Ethereum and wETH are the most well-liked cryptocurrency in practically each nation.