- On March 11, total DEX trading volume soared to a four-month high of $15.12 billion.
- The total fees collected by Uniswap hit the highest value since May 10.
Trading activity on decentralized exchanges (DEXes) has grown exponentially in the past 24 hours after the collapse of Silicon Valley Bank (SVB) sparked FUD in the broader cryptocurrency market and depegged from USD coins [USDC].
According to data from DeFiLlama, on March 11, the total DEX trading volume soared to a four-month high of $15.12 billion, with a weekly growth rate of more than 100%.
At the time of writing, DEX’s dominance of aggregated DEX and centralized exchange (CEX) trading volume rose to 26.66%.
Popular DEXes See Impressive Growth
In the past, the decline of centralized entities has favored DeFi protocols. This was exemplified in the period following the FTX crash, when users started to prefer self-custody over centralized exchanges.
Curve Finance [CRV]a DEX designed for stablecoin exchanges, recorded its largest daily trading volume of nearly $8 billion in the past 24 hours.
According to Crypto Fees, total fees collected on the platform jumped to $952,000, the highest in four months, due to high transaction volume.
Likewise, the largest DEX in terms of trading volume, Uniswap [UNI] It was the best performance in four months after the volume surged to $3.45 billion in the past 24 hours.
At press time, transaction fees paid by users hit a 10-month high of $8.75 billion.
Another popular DEX, SushiSwap [SUSHI] It also witnessed a surge in activity, and it became one of the most used smart contracts by top Ethereum whales in the past 24 hours.
Right here: $SUSHI @sushiswap is one of the top 100 #ETH whales most used smart contracts in the past 24 hours 🐳
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see the top 5000 stats) #SUSHI #whalestats #babywhale #BBW pic.twitter.com/JtN7rwz8zX
— WhaleStats (Tracking Crypto Whales) (@WhaleStats) March 12, 2023
The future is DeFi
In the past 3-4 years, DEX has grown by leaps and bounds. According to a tweet from Token Terminal, development activity for different projects has increased in multiple directions, with developers working on as many as 20 different projects as of March 10.
This is a good testament to the future of decentralized finance (DeFi).
Optimistic about the future of DEX pic.twitter.com/0ITgzUo7n3
— Token Terminal (@tokenterminal) March 11, 2023
Finally, USDC lost its peg to the U.S. dollar on some exchanges amid fears that the reserves backing the second-largest stablecoin by market capitalization were trapped in the collapsed Silicon Valley Bank (SVB). At the time of writing, USDC has recovered to $0.95 according to CoinMarketCap.
Information source: compiled from AMBCRYPTO by 0x information.Copyright belongs to the author, without permission, may not be reproduced