The US Continues to Make Up for 37% of Overall DeFi Volume

The DeFi market continues to see some of its hardest days, as continued hacks in the space are not leaving much room for innovation among other companies. While companies in the market are really looking to stick it out, there is a limit.

However, despite these being tough times for the DeFi market, the silver lining is that most of its users are still in the US. In fact, the US continues to make up for over 37% of total users worldwide.

While there is not a lot of concrete proof for why this has happened, many are speculating that a lot of it has come down to the falling dominance of Bitcoin in recent years.

As the biggest cryptocurrency seems to be going through a little trouble of its own, its dominance in the US has continued to slip, dropping by 6%.  A recent the study by Chainalysis, showed that Bitcoin has continued to lose a lot of the influence that it had in the US.

And what seems to be winning buyers over instead is the DeFi market which has continued to see unprecedented growth in the region.

Over $53 Billion in Assets

The complete DeFi ecosystem, which includes all of its smaller projects, made up almost $53 billion in assets. This total money was locked into various assets throughout different DeFi protocols.

Despite this still being a very impressive amount, the market has also lost over $100 billion just over the last year. This goes to show that market is currently going through one of its worst periods in a long time. And as the market continues to grow in relevance, it is also becoming apparent that this fact isn’t deterring as many people.

In fact, for the most part, people seem to be attracted to this more volatile nature of the market.

Over 37% of the Activity

As Bitcoin has started to lose steam through the US, a lot of the major DeFI protocols are taking its place instead. In fact, the US makes up as much as 37% of all activity in the DeFi space. And Western Europe is responsible for over 31% of overall activity in the space.

Furthermore, throughout the DeFi space, the decentralized exchanges make up the most value received. And most of the individual who are using them tend to be institutional investors looking to capitalized off the opportunity that it poses.

NFTs Generate the Most Traffic

While the decentralized exchanges tend to generate the most value, NFTs tend to generate the most web traffic. Despite the major fall in the market, it is obvious that people are still interested in the overall NFT market.