North America has emerged as the leading cryptocurrency industry with an expected on-chain value of $1.2 trillion between July 2022 and June 2023. The amount represents 24.4% of the total transaction activity that was seen around the world during this time. Although North America has historically been a major adopter of DeFi and continues to lead the globe in raw transaction volume, data also indicates that its proportion of activity has decreased dramatically over the past year.
The analysis from Chainalysis makes note of the fact that many DeFi protocols focus on very speculative trading and that these platforms have recently produced assets that are generally missing from their centralized counterparts. When market conditions turn unfavorable, investors who want to sell their holdings frequently start with the assets. The ongoing regulatory uncertainty in the US market is another crucial reason for slowing down DeFi in North America.
Despite the decline in transaction volume, North America was able to claim the fourth spot in the 2023 Global Crypto Adoption Index from the blockchain analytical company. The importance of regulation in the region’s economy increases as it recovers from the crypto winter. From the high-profile Super Bowl advertising and celebrity endorsements of 2022, the North American crypto scene has changed to a hazy 2023 marked by regulatory delays and the scrutiny of well-established business titans.