Ukraine, Indonesia and Russia led crypto adoption in Q3: DappRadar

Crypto adoption is skyrocketing despite the bear market and uncertainty surrounding asset prices, according to recent findings from leading decentralized application analytics platform DappRadar.

The analysis, called the Blockchain Behavior Report, outlined major trends that were influencing blockchain space in the last quarter, including regions where crypto adoption accelerated both in use and regulatory efforts.

Countries that led crypto adoption in Q3

The findings revealed that Ukraine, Indonesiaand Russia saw the biggest adoption growth, with their adoption rates increasing by 143.17%, 115.59% and 88.28% respectively.

The US retained its position as the largest crypto market, with India edging out Russia from second place with a 10.40% increase, while the latter came in fourth. Indonesia moved from fifth to third place, with traffic increasing by 115.59%.

Ukraine moved to fifth place with an increase of 143.7%, while the UK fell to sixth place with a decrease of 6.40% in September. Nigeria took seventh place after an increase of 12.52%, while the Philippines fell by 9.78% to eighth position.

Despite maintaining its ninth position in the ranking, Vietnam experienced the most significant decline, down 49.30% during the quarter. Germany and Brazil came next with a decrease of 3.38% and an increase of 16.60%.

Gender, age and regulation

The analysis further revealed that gender dominance in the blockchain space remained almost the same, as men still occupy around 75% of the industry. However, the female gender experienced a growth of 6.16% between July and September.

Millenials and Gen Z also made up a large part of DappRadar’s visitors. While the former accounted for approximately 48.13%, the latter represented over 37% of visitors, indicating a growth of 7% from Q2.

Regulation in the 3rd quarter saw growth and focused development, with various legislative proposals and more proposals awaiting approval. Regulators in the US, UK and EU played an active role in this sectionand from the looks of things, new crypto regulations are bound to emerge early next year.

Meanwhile, the Web3 space has been in an upward trend since the beginning of the year, and about 36% of all existing Web3 smart contracts were published this year.