【英文】2022年全球加密货币地理报告（91页）

英文研究报告 2022年11月11日 07:47 管理员

The biggest change to our index methodology this year is the addition of two sub-indexes based on DeFi transaction volume, and the modification of two other sub-indexes to include only transaction volume associated with centralized services. We did this for two reasons: First, as we explain above, to highlight countries leading the way in DeFi given its importance to the overall cryptocurrency ecosystem. Second, we wanted to address the issue of DeFi-driven inflation of transaction volume. Deposits to and withdrawals from centralized services show up in on-chain transaction volume, but transactions within those services, such as trades on a centralized exchange, do not. Centralized services track that transaction volume internally, such as in order books for exchanges, meaning we don’t have access to it. This is not the case with DeFi protocols.

Because DeFi protocols are non-custodial and simply route cryptocurrency between private wallets, all DeFi transactions show up on-chain. That means that if you’re using on-chain data, DeFi protocol transaction volumes will receive a bump that volumes associated with centralized services don’t receive. In the context of this index, that could lead to us artificially favoring countries with higher DeFi adoption over ones with more activity on centralized services, even if the amount of real transaction activity is the same. In order to address this, we decided to measure each country’s CeFi and DeFi transaction volumes separately — both in total and at the retail level — and use them as equal components of the Global Crypto Adoption Index. This way, every country’s transaction volume is compared more accurately, and we can be transparent about which countries see more transaction volume in the DeFi ecosystem.