According to Chainalysis, Eastern Europe has seen a rise in decentralized finance (DeFi) activity, with over $499 billion in cryptocurrency received between July 2023 and June 2024. DeFi transactions accounted for more than $165 billion, making up a third of the region's crypto value flow. Despite this growth, centralized exchanges still dominate, receiving over $324 billion. Russia and Ukraine lead in crypto transaction value, with Russia receiving over $182 billion and Ukraine over $106 billion. The report highlights significant institutional transfers in Ukraine, with Bitcoin purchases using the Ukrainian hryvnia showing substantial growth. The Chainalysis report also suggests that Ukrainians may be turning to Bitcoin as a store of value amidst economic challenges. Overall, Eastern Europe has emerged as the fourth-largest cryptocurrency market globally, showcasing a promising trend in cryptocurrency adoption in the region. Read more AI-generated news on: https://app.chaingpt.org/news

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