Togo is Africa’s king of crypto and decentralized finance (Decentralized Finance or DeFi). The Chainalysis organization, which is known for its global indices in the field, has disclosed this in its latest report. The West African country has shone once more in the DeFi study, after being ranked third in Africa and ninth globally in the 2021 Chainalysis Crypto Adoption Index.
It is, in fact, the only African country among the top 20. It is also one of the few representatives of emerging markets, with established economies such as the United States, China, and Russia dominating the rankings. A situation that contrasts with the one in which these great nations are lagging behind on crypto adoption.
The 2021 Chainalysis DeFi Adoption Index calculates metrics based on on-chain cryptocurrency value received by PPP-weighted DeFi platforms per population, total retail value received by DeFi platforms, and individual DeFi platform deposits. The index also reflects the growing importance of institutional investors in the DeFi market.
The DeFi Adoption Index, like its 2021 crypto adoption index, is intended to emphasize countries with the strongest grassroots adoption by individuals rather than those sending the biggest raw value of cash.
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Emerging markets are driving cryptocurrency adoption, according to Chainalysis, with individuals resorting to them out of necessity.
DeFi adoption, on the other hand, has been predominantly driven by experienced cryptocurrency traders and investors looking for fresh sources of alpha, despite the fact that the index is weighted to encourage grassroots adoption.
DeFi Africa Togo DeFi Africa Togo
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer