DeFi will undoubtedly enjoy heavy adoption in Africa as the population looks for alternatives to the underwhelming mainstream financial and economic systems. And as this happens, only the most innovative projects, like Solana (SOL) and HedgeUp (HDUP), will be able to tap into the growing crypto market.
A Growing DeFi Scene
Home to the fastest-growing economies in the world, Africa is one of the hottest financial markets. But unfortunately, the continent has been largely underserved by traditional CeFi institutions. It has a fragmented banking and investment scene that has left a good portion of the continent’s population unbanking.
But things have started to change. The continent is a hub for fintech solutions as startups look to fill the gaps left by conventional financial institutions. And even more exciting is the continent’s shift towards DeFi.
DeFi is growing fast in Africa. A report by the blockchain data firm Chainalysis shows that despite Sub-saharan Africa having the
