UK's $252B in Crypto Activity Dominated by DEX Trading, NFT Swapping: Chainalysis Platforms like OpenSea, Sorare, and Uniswap are the top choices among British crypto users, according to a new Chainalysis report.
Central, Northern, and Western Europe (CNWE) has cemented its status as a global powerhouse in the cryptocurrency space, with the United Kingdom emerging as a leading force in the region. According to a new report by Chainalysis, the UK leads the region in activity, boasting $252.1 billion in raw transaction volume over the past year. This figure also puts it third in the world in this category, behind the United States and India only.
A closer look at the data reveals the pivotal role of decentralized finance (DeFi) in the remarkable growth of crypto adoption in CNWE in general and in the UK in particular. Per the report, DeFi services were responsible for the lion's share of cryptocurrency value received in the region, constituting 54.8% of the total. The report includes non-fungible token (NFT) trading in its definition of DeFi, with activity on NFT platforms and decentralized exchanges (DEXes) both playing a key role in driving the UK's activity.
“In the UK, the two most utilized DeFi service types were the NFT platforms Opensea and Sorare,” Kim Grauer, Director of Research at Chainalysis, told Decrypt. “Together, these two platforms received nearly 20 million visits between July 2022 to June 2023.” The third most visited service, according to Grauer, was Uniswap with nearly 3 million web traffic visits.
Europe sees $1 trillion in on-chain value Per the report, CNWE ranks as the second-largest crypto economy in the world behind North America. Between July 2022 and June 2023, the region accounted for 17.6% of global transaction volume, receiving an estimated $1 trillion in on-chain value over the span.
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