Argentina and Brazil are the countries that use the most DeFi

The index gave each country a score from 0 to 1 (the highest score) based on several factors, such as the value of individual operations and deposits compared to purchasing power. In addition to the United States, Vietnam and Thailand, China, the United Kingdom, India, the Netherlands, Canada, Ukraine, and Poland were among the top ten in this ranking.

Other than Argentina and Brazil, no other country in Latin America is among the top 20 in the final list. River Plate scored 0.34, while Brazil added 0.32.

The Chainalysis text highlights that “while cryptocurrency adoption is generally higher in emerging markets, DeFi adoption is strongest in high-income countries with significant cryptocurrency use, especially among traders and institutional investors.” This could indicate that lCryptocurrency adoption may be at economic lows due to the need for inflation protection Or to the possibility of sending remittances in a more convenient way, the study adds.

What is decentralized finance

We are talking about DeFi when we are talking about financial protocols that run on smart contracts, which is basically a token that is hosted on the Ethereum blockchain and that any user with the necessary knowledge can interact with.

So you can get loans, put money to generate interest, send money to friends, pay salaries and all the operations that take place in a traditional bank without intermediaries.

What are the benefits of decentralized finance?

  • Nobody is going to ask you to go anywhere to sign anything (ha!)
  • You can access your money anytime, any day, whether it’s Bank Day or a “carnival holiday.” Always available.
  • Transactions are executed instantly, no need to wait until 10 am the next business day. It doesn’t matter how much money is.
  • You can get loans in seconds, using your cryptocurrency as collateral.
  • You can invest your money and if you need it after a few hours, get it out without any kind of penalty.
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