The latest Chainalysis global crypto adoption index report shows that Nigeria and Kenya has dropped from top ten countries according, now ranking #11 in the world and 19 respectively. Recall that in 2021, Nigeria and Kenya ranked 6th and 5th in global crypto adoption index , with an adoption score of 0.521. Nigeria now leads in crypto adoption in Africa overtaking Kenya.
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Although we have seen improvements in both countries’ scores, however, their rankings have significantly dropped as both are now out of the top 10 rankings compared to last year, when Kenya and Nigeria ranked 5th and 6th respectively. As previously mentioned, in this year’s ranking, Nigeria now ranks 11th and Kenya now ranks 19th. Taking second place is Morocco, which ranks 14th, with an index score of 0.507.
The 2022 Global Crypto Adoption Index, published last Wednesday, is a part of the 2022 Geography of Cryptocurrency Report by Chainalysis that will be released later.
The Index is prepared based on different metrics weighted by purchasing power parity (PPP) per capita. The five metrics used for the survey and report are on-chain retail value received at centralised exchanges, P2P exchange trade volume, on-chain cryptocurrency value received from DeFi protocols, and on-chain retail value received from DeFi protocols.
According to the Chainanalysis report, the goal of releasing the report annually is to help countries keep tabs on their performance year on year:
The Chainalysis cryptocurrency adoption report ranks countries by focusing on five major indexes which includes; On-chain cryptocurrency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita, On-chain retail value received at centralized exchanges, weighted by PPP per capita, Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users, On-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capita, and On-chain retail value received from DeFi protocols, weighted by PPP per capita
