Quick Facts
- Fifteen of the top 20 countries on Chainalysis’ 2024 Global Crypto Adoption Index are in high-growth regions.
- Asia now accounts for 32% of active crypto developers, a massive jump from just 12% in 2015.
- The US share of active crypto developers dropped sharply over the same period.
Crypto Adoption’s Hidden Engine
The enthusiasm surrounding crypto’s ascent is palpable, with many predicting a bright future for the industry. But as enthusiastic as we are about the potential, let’s not forget that the real action is happening in high-growth markets, where crypto adoption is taking root in ways that go beyond mere speculation.
In the article, “Crypto adoption will be driven by high-growth markets, with or without the US,” Dominic Schwenter, chief operating officer of Lisk, highlights the importance of zooming out from the US-centric view and paying attention to the groundswell of adoption happening elsewhere. In this blog post, we’ll explore the themes of Schwenter’s article and take it a step further by examining the role of high-growth markets in driving crypto adoption, as well as providing unique insights and ideas on what this means for the industry’s future.
The Power of High-Growth Markets
The US is undoubtedly a hub for crypto innovation, with institutional adoption, liquidity, and regulatory clarity all on the upswing. Exchange-traded fund (ETF) approvals have opened the door to a wider audience, and the Securities and Exchange Commission (SEC) is increasingly supportive of the space. However, as Schwenter notes, this momentum is only part of the story. The real engine driving crypto adoption lies in high-growth markets, where the emphasis is on practical application, not speculative trading.
Take, for example, Indonesia, Vietnam, the Philippines, and Nigeria – all countries with thriving high-growth economies where crypto is not just a passing fad but an integral part of daily life. Here, crypto is used not for speculation but for real-world financial inclusion, enabling remittances, securing value in times of economic uncertainty, and facilitating trade.
The Shift in Central Asia
Fifteen of the top 20 countries on Chainalysis’ 2024 Global Crypto Adoption Index are in high-growth regions. This shift is not just about locations – it’s about the mindset and needs of these communities. Builders are increasingly gravitating towards these areas, where the potential for meaningful impact is higher.
According to Electric Capital’s 2024 Developer Report, Asia now accounts for 32% of active crypto developers, a massive jump from just 12% in 2015. Meanwhile, the US share dropped sharply over the same period. The blockchain talent pool isn’t shrinking; it’s expanding, with new founders, architects, and engineers choosing to build closer to the problems crypto can solve.
Blockchain in the Real World
But what about the oft-touted hype around blockchain? It’s easy to get caught up in the whirlwind of innovation, but let’s not forget that the technology was designed to solve real-world problems.
Take, for instance, PepsiCo South Africa’s use of blockchain for supply chain tracking in the informal trade sector. By using a blockchain-powered end-to-end digital payments solution like Lov.cash, PepsiCo’s cashless payments system cuts through the red tape of traditional infrastructure, enabling small retailers and wholesalers to transact securely and transparently.
This is the kind of practical application that defines real-world adoption – not speculation, not token sales, but solving problems that matter. And if we miss this influence, we’ll miss the most significant chance to make a lasting impact.
A Call to Action for Web3 Builders
What can we do? First, it’s essential to acknowledge the work happening beyond the US bubble. Web3 builders need to shift their focus towards the places where crypto is already making a difference, rather than waiting for validation from Washington or Wall Street.
This means supporting the grassroots efforts driving innovation in high-growth markets, where blockchain is solving real-world problems. It also means joining the growing chorus of voices advocating for financial inclusion and the democratization of access to blockchain technology.
Crypto adoption isn’t just about the US or the West; it’s a global phenomenon with far-reaching implications. By recognizing the importance of high-growth markets, we can unlock the true potential of blockchain and crypto, using it to drive meaningful change and create a more inclusive, connected world.
About the Author
Dominic Schwenter is the chief operating officer of Lisk, a blockchain platform focused on building scalable, high-performance blockchain applications. With over a decade of experience in the industry, Dominic has been at the forefront of the blockchain revolution, driving innovation and strategic growth for Lisk and its partners.
About Cointelegraph
Cointelegraph is a leading independent cryptocurrency media outlet, providing in-depth news, analysis, and insights on the world of blockchain and crypto. With a global audience and a commitment to quality and accuracy, Cointelegraph is a trusted source for industry professionals and enthusiasts alike.
