A fresh report from blockchain analytics company Chainalysis has ranked the United States as the leader in grassroots adoption of decentralized finance (DeFi).
While the world’s DeFi investments are driven by larger investors in terms of transaction size, the U.S. is leading as the nation with the highest number of retail-sized investments in decentralized finance.
By retail-sized, Chainalysis refers to investments below $10,000 across different DeFi protocols. According to the report, between July 2020 and June 2021, the total volume of retail-sized transactions sent to different DeFi platforms from the United States surpassed $10 billion.
Ranking in second, third, and fourth position are China, the United Kingdom, and Canada respectively. It is worth noting that there is a 300% difference in the volume of retail transactions in DeFi between the United States and China, which recorded nearly $2.5 billion grassroot investment in the sector.
Not only did the U.S. volume of grassroots investment in decentralized finance surge tremendously between June 2020 and July 2021, the number of web visits to different DeFi platforms like Uniswap, dYdX, and Compound, also spiked within the period.
Chainalysis noted that over 20 million web visits to DeFi platforms were recorded from the U.S. within that period, ahead of China, who came second in the ranking with six million visits.
With the United States and Canada ranked in the top five countries with the highest retail-sized transactions in decentralized finance, it shows the extent to which DeFi has become popular among retail investors in North America.
North America is currently ranked the second-largest cryptocurrency market after receiving $750 billion in cryptocurrency between June 2020 and July 2021.
Of the total cryptocurrency investments from North America, $164 billion was channeled to DeFi platforms, with the U.S. and Canada leading the way.
However, North America is still ranked behind Central Western Europe (CNWE) in DeFi investments, which was reported as the largest cryptocurrency market last month.