Eastern Europe is witnessing significant growth in cryptocurrency usage as both institutional and grassroots adoption surge in Ukraine and Russia. This trend is driven by substantial transactions and retail use amidst regional instability.

Institutional and Grassroots Adoption in Eastern Europe

Crypto adoption is accelerating across Eastern Europe, with strong institutional and grassroots engagement in Ukraine and Russia, a recent report indicates.

Over the past year, Ukraine has seen nearly a 362% increase in large institutional decentralized finance (DeFi) transactions exceeding $10 million. This surge has significantly contributed to its DeFi growth. Similarly, in Russia, Belarus, Poland, and Slovakia, large institutional transfers have propelled DeFi expansion.

Retail Crypto Activity on the Rise

Retail crypto activity is also growing in Ukraine, where small and large retail transactions have increased by 82.2% and nearly 92%, respectively. These small transactions typically indicate “grassroots adoption.” Given the region’s geopolitical instability and Ukraine’s recent recovery from inflation, such transactions likely show investors using crypto to enhance everyday purchasing power.

Decentralized Finance Booms in Eastern Europe

Data compiled reveals that decentralized exchanges (DEXes) in Eastern Europe have seen the largest increase in crypto inflows. Regionwide, DEXes received $148.6 billion in crypto.

Crypto sent to DEXes in Ukraine and Russia grew by 160.2% and 173.8%, respectively, with Ukrainian DEXes receiving $34.9 billion and Russian DEXes, $58.4 billion.

Analysts highlighted that in 2023, DeFi accounted for over 33% of all crypto activity in Eastern Europe. Globally, Eastern Europe ranks third in year-over-year DeFi growth, following Latin America and Sub-Saharan Africa, particularly in regions where regulatory conditions remain uncertain.

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