Cointelegraph.comdecentralized financeEmerging Markets

Are emerging markets missing out on DeFi due to gas fees?

Developed economies dominate the traffic rankings for the top DeFi protocols by TVL, with the U.S. and U.K. topping the charts.
Despite grand visions of enabling farmers in Vietnam access to the world of global finance via Decentralized Finance, emerging markets could represent as little 10% of visitors engaging with the top DeFi DApps. Proponents have long hoped crypto and DeFi would allow citizens around the world a means to circumvent the barriers created by economic underdevelopment, however the data suggest users from the world’s largest economies dominate the DeFi rankings by online traffic.A new report from The Defiant examines the top five geographical sources of traffic for the 10 largest DeFi platforms by Total Value Locked in February, with the data provided by web traffic aggregator SimilarWeb.The analysis finds that U.S. traffic dominates eight of the 10 largest DApps by TVL, representing between roughly 10% and 27% of traffic on MakerDAO, Compound, Aave, SushiSwap, Uniswap, Synthetic, Bancor, and BadgerDAO respectively. The U.S. also ranks second behind China for traffic visiting Curve, and fourth on Balancer behind Russia, Ukraine, and China. The United Kingdom is the second-largest source of traffic for five DApps.Despite the World Bank estimating there are 1.7 billion people without a bank account and the SME Finance Forum noting a $5 trillion financing gap for small to medium-sized businesses in emerging economies, the data shows that for now, people are not turning to DeFi to solve these problems.One reason for the apparent imbalance between DeFi …
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