In terms of crypto and decentralized finance (Decentralized Finance or DeFi), Togo is a king of Africa. This is in any case what shows the organization Chainalysis, renowned for its global indices in the field. After being ranked 3rd in Africa and 9th in the world in the 2021 Chainalysis Crypto Adoption Index (Chainalysis 2021 crypto adoption index), the West African country stood out again in the DeFi report.
Indeed, it is the only African country ranked in the top 20. It is also one of the only representatives of emerging markets, the ranking being dominated by established economies such as the United States, China and Russia. . A situation that contrasts with that on the adoption of crypto where these great nations are lagging behind.
The 2021 Chainalysis DeFi Adoption Index measures metrics based on on-chain cryptocurrency value received by PPP-weighted DeFi platforms per capita, total retail value received by DeFi platforms, and individual deposits on DeFi platforms. The index also reveals the significant influence that institutional investors now play in the DeFi space.