The world of cryptocurrency continues to evolve at a rapid pace, with grassroots adoption expanding across diverse regions and economic landscapes. The 2024 Global Crypto Adoption Index, now in its fifth annual edition, offers a data-driven look into which countries are leading in real, everyday crypto usage. By analyzing on-chain and off-chain transaction behaviors, this report identifies key trends shaping the future of decentralized finance and digital asset integration.
Unlike market capitalization or speculative trading volume, this index focuses on practical, user-driven adoption—highlighting nations where crypto is being used not just as an investment, but as a tool for financial inclusion, remittances, commerce, and decentralized applications.
How the Global Crypto Adoption Index Works
The Chainalysis Global Crypto Adoption Index evaluates 151 countries using four distinct sub-indices, each measuring different dimensions of cryptocurrency activity. These sub-indices are weighted and combined to produce a final score between 0 and 1 for each country—closer to 1 means higher adoption relative to population size, income levels, and economic context.
The methodology emphasizes real-world usage by adjusting for purchasing power parity (PPP) and GDP per capita, ensuring that countries with lower average incomes but high crypto engagement aren't overshadowed by wealthier nations with larger transaction volumes.
Key Sub-Indices Explained
1. On-Chain Crypto Value Received by Centralized Services (PPP-Adjusted)
This metric tracks the total value of cryptocurrency received through centralized exchanges (like spot or futures platforms), normalized against each country’s GDP per capita on a PPP-adjusted basis. It highlights economies where crypto inflows represent a meaningful portion of individual financial activity—even if absolute dollar values aren’t the highest globally.
👉 Discover how emerging markets are reshaping global crypto flows.
2. Retail-Sized Transactions on Centralized Platforms (Under $10,000)
To focus on individual users rather than institutional players, this sub-index only counts transactions under $10,000. This captures peer-to-peer usage, small investments, and everyday trading behavior—offering insight into how widely crypto is being adopted at the grassroots level.
3. DeFi Protocol Activity (Total Value Received)
Decentralized Finance (DeFi) has matured into a core pillar of blockchain utility. This category measures the value sent to DeFi protocols such as lending platforms, DEXs, and yield aggregators. Again, it's adjusted for PPP to reflect relative economic impact.
4. Retail DeFi Transactions (Under $10,000)
Similar to the retail-focused centralized metric, this index isolates smaller DeFi transfers—those under $10,000—giving visibility into non-institutional participation in decentralized ecosystems.
These four metrics are combined using a geometric mean and normalized to generate the final ranking, ensuring no single category disproportionately skews results.
Important Methodology Updates in 2024
To improve accuracy and relevance, two major changes were introduced this year:
🔁 Change #1: More Accurate DeFi Transaction Tracking
Previously, all inflows into DeFi smart contracts were counted toward adoption metrics. However, many of these were intermediary transfers within the same protocol (e.g., ETH → wETH → DEX pool → user wallet). In 2024, only the initial transfer from a personal wallet into a DeFi protocol is counted.
This refinement prevents double-counting and provides a clearer picture of actual user engagement. While overall DeFi volume estimates decreased slightly, they now reflect true adoption, not mechanical blockchain noise.
❌ Change #2: P2P Exchange Data Removed
Due to declining activity on peer-to-peer platforms—especially after the shutdown of LocalBitcoins.com—the P2P exchange sub-index was removed. This reflects shifting user behavior: people are increasingly using regulated exchanges or direct transfers instead of open P2P marketplaces.
Top 20 Countries in the 2024 Crypto Adoption Index
Central and South Asia and Oceania (CSAO) dominate the rankings, claiming seven spots in the top 20, driven by strong local exchange activity, merchant adoption, and growing DeFi use.
| Country | Region | Overall Rank |
|---|---|---|
| India | CSAO | 1 |
| Nigeria | Sub-Saharan Africa | 2 |
| Indonesia | CSAO | 3 |
| United States | North America | 4 |
| Vietnam | CSAO | 5 |
| Ukraine | Eastern Europe | 6 |
| Russia | Eastern Europe | 7 |
| Philippines | CSAO | 8 |
| Pakistan | CSAO | 9 |
| Brazil | LATAM | 10 |
Other notable entries include Türkiye (11), the UK (12), Venezuela (13), Mexico (14), Argentina (15), and Cambodia (17). High-income countries like Canada (18) and South Korea (19) follow closely behind.
India’s rise to #1 signals a maturing domestic ecosystem with widespread retail participation across both centralized and decentralized platforms. Meanwhile, Nigeria remains Africa’s crypto leader, leveraging stablecoins for remittances and cross-border trade.
👉 See how top-ranked nations integrate crypto into daily life.
Global Trends: Crypto Activity on the Rise
From Q4 2023 to Q1 2024, global crypto transaction value surged—surpassing even peak levels seen during the 2021 bull run. This growth wasn’t limited to one region or income bracket; instead, it spanned multiple continents and economic tiers.
📈 Regional Insights
- Sub-Saharan Africa & Latin America: Strong year-over-year growth in stablecoin usage, particularly in retail-sized transfers. These regions rely on crypto for remittances, inflation hedging, and access to global markets.
- Eastern Europe & LATAM: Significant increases in DeFi activity suggest growing interest in decentralized lending, borrowing, and yield generation.
- North America & Western Europe: Institutional adoption accelerated following the U.S. Bitcoin ETF approval, driving large-scale Bitcoin transfers. However, retail engagement has slightly declined since early 2024.
Altcoins Gain Momentum
As DeFi usage grows in emerging markets, so does altcoin activity. Users are increasingly exploring tokens beyond Bitcoin and Ethereum—particularly those integrated into local DeFi protocols or used for cross-border payments.
Frequently Asked Questions
Q: What does "PPP-adjusted" mean in the index?
A: PPP stands for Purchasing Power Parity. Adjusting for PPP accounts for differences in cost of living and inflation across countries, allowing fair comparison between high- and low-income nations.
Q: Why isn’t the U.S. ranked higher despite its large crypto market?
A: While the U.S. leads in institutional investment and regulatory developments, grassroots adoption—especially retail DeFi use—is less widespread compared to countries where crypto fills gaps in traditional finance.
Q: Does this index measure ownership or usage?
A: It measures on-chain usage, specifically value received through transactions. It reflects active engagement rather than passive holding.
Q: Are NFTs or gaming tokens included?
A: Not directly. The index focuses on general-purpose crypto transactions and DeFi activity. NFTs and GameFi are tracked separately in other Chainalysis research.
Q: How reliable is web traffic data for location tracking?
A: While some users may mask their location via VPNs, the dataset includes over 13 billion web visits and hundreds of millions of transactions—making outliers statistically insignificant.
Q: Can I access the full dataset?
A: Detailed data and methodology are available in the full Geography of Cryptocurrency Report, published by Chainalysis.
Final Thoughts: Adoption Beyond Speculation
The 2024 Global Crypto Adoption Index reveals a powerful shift: crypto is becoming a practical financial tool, especially in regions with underdeveloped banking infrastructure or high inflation. From India to Nigeria to Vietnam, individuals are using digital assets not just to invest—but to save, send money, earn yields, and bypass broken systems.
As innovation continues in DeFi, stablecoins, and cross-border payments, expect these trends to deepen. The future of finance may not be built in Wall Street boardrooms—but in the wallets of everyday users across Asia, Africa, and Latin America.