Ukraine, Russia, And Indonesia Led Crypto Adoption in Q3

DappRadar, the leading analytics platform for decentralized applications (dApps), just released new data that shows the use of cryptocurrencies is skyrocketing, even though the market is in a bear market and asset prices are uncertain.

The Blockchain Behavior Report looked at the most critical changes in the blockchain space over the past three months. Some of these trends involved places where the use of cryptocurrencies and the efforts to control them increased. Anyone may engage in trading cryptocurrencies and make a profit from doing so thanks to the bitcoins circuit, which makes it feasible for anyone to do so.

The first places where digital money was used were, according to the numbers, adoption grew the most in Ukraine, Indonesia, and Russia in the third quarter. Their adoption rates rose by 143.17 percent, 115.59 percent, and 88.28 percent, respectively.

With an increase of 10.40%, India has surpassed Russia as the second-largest market for cryptocurrency. On the other hand, Russia has moved down to fourth place. The US is still the largest market for cryptocurrencies. Indonesia moved from fifth to third place because the number of visitors increased by 115.59%.

In September, Ukraine rose to fifth place after growing by 143.7%, and the UK moved to sixth place after falling by 6.40%. Nigeria has moved up 12.52% and is now in seventh place. The Philippines, on the other hand, fell by 9.78% and are now in eighth place.

Vietnam lost the most, 49.30%, but it stayed within the top ten. Germany and Brazil were second and third, with a 3.38 percent drop and a 16.60 percent increase, respectively.

Gender, Age, and Regulation

The investigation also found that the number of men working in the blockchain business has remained the same. About 75% of the people who work are men. There were 6.16 percent more women between July and September.

Rules grew and changed quickly in the third quarter. During this time, many laws were made, and many ideas were sent to the government for approval. There were regulators from the EU, the UK, and the US in this part. From how things are going, it seems likely that new rules for cryptocurrencies will be implemented early in 2019.

The Web3 area has been growing since the beginning of the year, and about 36% of all Web3 smart contracts were published this year.

The third quarter of 2022 was a busy time. Before Ethereum’s Merge, which was a successful move to proof-of-stake, there was a lot of trouble with the layer-2 activity. There were also other things going on that kept people busy in the quarter. 

Total value locked (TVL) in the decentralized financial sector went up by 2.9% in the third quarter, reaching $69 billion. Finding this shows that the market is becoming more concentrated. Most of the value of intelligent contracts still lies in Ethereum, which is now worth $48 billion.

DappRadar also says that from one quarter to the next, the number of unique active wallets grew by 12%, bringing the total to 1.8 million. There were 8% more unique wallet addresses in September than in August. The blockchain gaming business helped a lot with this.

What is the technology called “blockchain,” and how does it work?

There are three main parts to a cryptocurrency: the blockchain, the blockchain network, and the currency used on the web. The technology that holds the bitcoin network together is called a blockchain. It is a decentralized ledger that uses cryptography, the process of encoding and decoding data, to record and keep track of transactions.

Blockchains come in many different forms. Anyone can join a public blockchain, which gives them access to a peer-to-peer network of computers and data centers worldwide to look at and move data. Private blockchains can only be used by people who have been invited. They run on databases that aren’t open to the public. But most of the time, people need help to connect to these networks. A permissioned blockchain has both a public blockchain and a private blockchain. Anyone who meets specific requirements can join the network.

The blockchain ledger and all the people who add information to it make up a blockchain network. Most cryptocurrencies run on public blockchains that are connected to decentralized networks. They are not given out or managed by one group and are not kept in one place. Because of this, the consensus protocol that the blockchain uses decides how the ledger is updated.