Chainalysis: Driven by institutions and DeFi, the adoption rate of cryptocurrency in the Eastern European market is rising

According to a report by Chainalysis, despite facing war and regulatory issues, the adoption rate of cryptocurrency in various parts of Eastern Europe has been steadily increasing under the promotion of institutions and DeFi activities. As the fourth largest cryptocurrency market globally, Eastern Europe had an on-chain value of $4991.4 billion from July 2023 to June 2024, accounting for 11% of the global total cryptocurrency share.

Chainalysis further pointed out that CEX is the region with the most received cryptocurrencies, "close to $3240 billion. DeFi activity has significantly increased over the past year with a cryptocurrency value of $1654.6 billion, accounting for one-third of inflows into this region."

The report also mentioned that in this year's Global Cryptocurrency Adoption Index, regional participants Ukraine and Russia ranked "6th and 7th respectively", with Russia rising six places compared to last year."