DappRadar just released a behavioral report pointing to the big surge in crypto adoption in Ukraine and Russia this year. Overall, the report will be welcome news for market participants who have experienced significant market downturns at the start of 2022.

The DappRadar Q1 report put Ukraine and Russia as the top crypto adoption spots

In summary, the latest behavior report from DappRadar focuses on Q1 2022. Specifically, how crypto users have reacted to the global events earlier in the year.

The insecurity and fear stemming from Russia’s invasion of Ukraine is obviously having a devastating impact on the people of those two countries. In addition, this feeling has touched many aspects of the lives of people around the world. Obviously, both the crypto and traditional markets are no different.

In fact, the DappRadar report points to the fact that the Russian invasion of Ukraine has caused prices of oil and other commodities to surge. In contrast, the situation has led to price falls on the financial markets. This is due to a general feeling of anxiety causing selling pressure.

However, it is the same sentiments and rampant inflation in the first quarter of 2022 that drove many countries to crypto. DappRadar specifically refers to the launch of stablecoins and bitcoin. In fact, DappRadar points to a study by Gemini showing that countries with higher rates of inflation are more likely to adopt cryptocurrencies.

This is where Ukraine and Russia come in. Cryptocurrency has played a significant role in both countries throughout the conflict. Ukraine was able to raise huge amounts of money by donating crypto and NFT sales. Russia, on the other hand, saw a surge in Ruble/Bitcoin exchanges following international sanctions against the country.

That being said, this behavior actually predates the current conflict. To that end, DappRadar points out that Ukraine (12.73%) and Russia (12%) led countries with higher crypto adoption rates even before the war