UAE Leads MENA Region In DeFi Adoption
The MENA region is increasingly adopting cryptocurrency due to its potential to protect wealth in unstable currencies or high inflation rates, while economically stable countries like the UAE are more inclined to explore innovative and investment-oriented applications. A Chainalysis report reveals that the region received approximately $389.8 billion in on-chain value from July 2022 to June 2023, accounting for nearly 7.2% of the global transaction volume during the study period.
The MENA region has three countries in the top 30 of this year’s index: Turkey (12th), Morocco (20th), and Iran (28th). UAE is the largest standout, with a higher share of crypto activity on decentralized finance protocols compared to its neighbors, except Israel.
(With inputs from Shikha Singh)
You need to login in order to Like
