DeFi, Stablecoins, and Altcoins Find Fertile Ground in MENA – Chainalysis
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Decentralized finance (DeFi), stablecoins, and altcoins have found a home in the Middle East and North Africa (MENA) region, according to blockchain analytics firm Chainalysis.
MENA is the seventh-largest crypto market globally this year.
Between July 2023 and June 2024, its on-chain value was $338.7 billion, or 7.5% of the world’s total transaction volume.
According to its latest ‘2024 Geography of Cryptocurrency Report,’ MENA’s primary source of crypto inflows is still centralized exchanges (CEXs).
However, “decentralized platforms and DeFi applications are steadily gaining traction,” the researchers said.
DeFi has a multitude of benefits for the region. It fosters innovation and provides an alternative financial system for the unbanked and underbanked.
Moreover, it does not require any intermediaries, which is crucial for people in underserved areas.
All these factors are key for financial inclusion, given that, as of 2021, only 50% of adults in the region (excluding high-income countries) had a bank account.
DeFi adoption is not widespread in some of these areas, but these benefits “could drive future financial inclusion.” Individuals gain the ability to access savings, loans, and investment tools.
1/ MENA is the 7th largest crypto market we studied in 2024, receiving ~$338.7B in on-chain value. Türkiye (#11) and Morocco (#27) rank high in our adoption index, capturing $137B and $12.7B, respectively. pic.twitter.com/uKfFJMsLrF
Notably, Saudi Arabia and the UAE demonstrate high interest in decentralized platforms.
Particularly,
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