Study: DeFi Popularity in North America Reduces BTC Dominance

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According to a study conducted by analytical firm Chainalysis, between July 2021 and June 2022 in North America, decentralized finance (DeFi) accounted for 37% of total cryptocurrency transactions, which indirectly led to a decrease in Bitcoin dominance.

The data provided by the company has shown that the region ranked first in DeFi popularity, overtaking Western Europe (31%) and Africa (13%).

According to the company experts, farming and trading on DEXes have attracted mainly large investors based in developed countries.

The active adoption of DeFi indirectly led to the fact that over the past year, the dominance of Bitcoin in North America has decreased the most compared to other regions.

According to them, decentralized exchanges (DEXes) lead in terms of total value received.