The Philippines ranks 5th in peer-to-peer (P2P) exchange trade volume according to the research “The 2021 Global Crypto Adoption Index” by Chainalysis, a blockchain data platform.
The 2021 Global Crypto Adoption Index was done in order to measure which countries had the highest levels of cryptocurrency adoption and Chainalysis uses transaction volume as its main metric point.
Chainalysis tracked only the cryptocurrency adoption rate of ordinary people and discounted the professional and institutional adoption, the explanation for which is detailed in a blog post.
According to Chainalysis, the Global Crypto Adoption index is made up of three (3) metrics in which they take into account the 154 countries in the research, take the geometric mean of the countries’ rankings while finalizing the data by a scale of 1 to 10 to provide every country a score which determines their overall rank. The closer a country’s final score to 1, the higher the rank.
The three (3) metrics Chainalysis use is the following:
(a) On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita.
(b) On-chain retail value transferred, weighted by PPP per capita.
(c) Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users
Data-centric website “Coin Dance” shows that Paxful, a global cryptocurrency P2P exchange, has experienced exponential growth in the Philippines. (Read More: Crypto Trading Still A Very Personal Process in the Philippines)
Chainalysis said it will continuously tweak its research metric valuation to keep up with market’s evolution to stay accurate on their researches and findings. Aside from the Global Crypto Adoption Index, they also released a DeFi adoption index.
This article is published on BitPnas.com: PH Ranks 5th in P2P Exchange Trade Volume: Chainalysis