Crypto surges in Eastern Europe: DeFi drives 33% of transactions
2024-11-01

Decentralized finance-related activity is rising in Eastern Europe, showcasing continued cryptocurrency adoption, according to the onchain analytics platform Chainalysis.
Eastern Europe received over $499 billion worth of cryptocurrency between July 2023 and June 2024.
Decentralized finance (DeFi) activity accounted for a third of the region’s cryptocurrency value flow, totaling more than $165 billion, according to the Oct. 30 Chainalysis crypto adoption report.
The Eastern European region has grown to become the fourth-largest cryptocurrency market in the world. The region’s over $499 billion accounted for over 11% of the total cryptocurrency value received worldwide.
The report suggests that increased retail adoption of cryptocurrencies across Eastern Europe could bring new capital into the crypto space.
Yet, despite growing DeFi activity, centralized cryptocurrency exchanges (CEXs) remain the main beneficiaries, receiving over $324 billion of those digital asset transactions.
Institutional transfers fuel crypto growth in Ukraine
Within Eastern Europe, Russia and Ukraine lead in crypto transaction value. The report notes that crypto adoption remains “remarkable” in both countries, despite the ongoing war and international sanctions against Russia.
Russia received over $182 billion worth of crypto flows, while Ukraine recorded over $106 billion, as the second-largest country in the region.
In Ukraine, institutional and professional transfers have driven much of the market’s growth. According to Chainalysis, large institutional transfers over $10 million and mid-sized institutional transfers from $1 million to $10 million accounted for most transactions in 2024.
Despite the ongoing war, local CEXs remain active in the region. For instance, WhiteBIT maintains a strong presence in Ukraine along with other exchanges. A WhiteBIT spokesperson told Chainalysis:

Looking at order book data, Bitcoin BTCUSD purchases using the Ukrainian hryvnia saw significant growth over the past year, surpassing $882 million.
The increase in Bitcoin transactions comes after the hryvnia experienced over 26% inflation by December 2022, which then slowed in early 2024.
The Chainalysis report suggests that Ukrainians may be using Bitcoin as an alternative store of value.