US Crypto Adoption Remains High Despite Global Inflation Fears

An analysis report published by DappRadar has revealed market behavior for global digital asset adoption. It shows positive sentiment for the Web3 sector and the metaverse, especially in the US.

Interest has skyrocketed across Ukraine and Russia following the outbreak of the conflict and the impact of the sharp rise in gas prices across Europe.

Statistics report that there is a high correlation between unfavorable economic conditions during deflation and interest in engaging with cryptocurrencies With the information pointing out that crypto can be used as a hedging tool.

The 217.65% deflation of the Brazilian real (BRL) against the US dollar over the past decade was reported to be a factor influencing 45% of participants who insisted they would consider buying digital assets within the next year. in the same way India has seen a 40% increase in crypto interest after 58.58% deflation in their native currency, the Rupee (INR).

Among the “Countries with the Highest Social Media Indicators for Web3 Metaverse” The United States ranked highest with a score of 2.2, followed by Indonesia and India with 1.4 and 0.6 respectively, and the United Kingdom came in seventh with 0.3.

Several leading metaverse platforms such as Decentraland (MANA), The Sandbox (SAND), Somnium Space (CUBE) and Roblox have attracted the majority of their user base from the US.

“Fashion giants Gucci, Dolce and Burberry have launched NFT collectibles, while Nike and Adidas have partnered with leading Web3 brands including HSBC and JP Morgan to open virtual booths in The Sandbox and Decentraland.”

Although Total Locked Value (TVL) in Decentralized Financial Markets (DeFi) has only increased by $200 billion at the time of writing, transaction volume has continued to decline since its highs in mid-January.

in the same way The report states that “industry TVL is recovering following the rapid and holistic ecological increase in Terra (LUNA), Solana (SOL) and Avalanche (AVAX).”

A key indicator of this growth is the number of developers switching to the network. The graphic below reveals that Terra saw year-over-year growth of 313%, while Solana and Near (NEAR) were up 307% and 291%, respectively.

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