REPORT | Nigeria Ranked 2nd Globally in DeFi and the Only African Country in Top 20 by Chainalysis 2024 Crypto Adoption Index

"When we look at year-over-year growth in terms of types of services, we see that DeFi activity increased significantly in Sub-Saharan Africa, Latin America, and Eastern Europe. This growth likely drove an increase in altcoin activity in these regions." - Chainalysis

kodzilla··2 min read

Nigeria was the only African country that made it to the top 20 in Chainalysis’ latest 2024 Crypto Adoption Index.

The West African nation emerged 2nd in the index after India, boosted by strong performance in all categories measured by Chainalysis. In particular, Nigeria was 2nd globally for:

  • DeFi Value Received
  • Retail Centralized Service Value Received

The country has been an omnipresent in the analysis by Chainalysis whilst other African countries dropped off. In the 2023 report, Morocco in 20th position joined Nigeria as the only African representatives in the list.


We are also seeing a drop-off  in developed economies whose influence in the index continues to wane. According to Chainalysis, in 2023, growth in crypto adoption was driven primarily by lower-middle income countries. This year [2024], however, crypto activity increased across countries of all income brackets, with a pullback in high-income countries since the beginning of 2024.

Central & Southern Asia and Oceania (CSAO) countries dominate the 2024 Index, with seven of the top 20 countries located in the region.

“When we look at year-over-year growth in terms of types of services, we see that DeFi activity increased significantly in Sub-Saharan Africa, Latin America, and Eastern Europe. This growth likely drove an increase in altcoin activity in these regions, as shown in the above chart,” said Chainalysis.

It was also found that crypto activity is on the rise. Between Q4 2023 and Q1 2024, the total value of global crypto activity increased substantially, reaching higher levels than those of 2021 during the crypto bull market.

According to Chainalysis, the ETFs triggered an increase in total value of Bitcoin activity across all regions, with particularly strong year-over-year growth in institutional-sized transfers and in regions with higher-income countries, such as North America and Western Europe.

 

“On the contrary, year-over-year growth of stablecoins was higher among retail and professional-sized transfers, and is supporting real-world use cases in low-income and lower-middle income countries in regions such as Sub-Saharan Africa and Latin America, in particular.”

 

 

See also

To access the full report, click here.

 

 

 

 

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