Decentralized Exchanges Win USDC Depegging
In a time when banks are having trouble, decentralized exchanges are doing very well.
The collapse of Silicon Valley Bank (SVB) last week and the ripple effect that followed seemed to help decentralized exchanges, as trading activity rose to levels not seen since November 2022.
According to the most recent data from DeFiLlama, the daily trading volume on decentralized exchanges has increased by a staggering 255.36% over the past week and is getting closer to $60 billion, a level last seen four months ago. On March 11, investors rushed to move money, which caused the number to reach almost $25 billion.
All of the top decentralized exchanges were in the green, and most of them saw gains of more than 100%.
The leaderboard shows that Uniswap is by far the largest decentralized exchange, with $31.69 billion worth of trades over the past week. On March 11, it had nearly $12 billion in trades, which was the most ever in a single day.
High volumes also showed that Uniswap’s liquidity providers (LPs) are getting paid a lot.
Curve was another platform that had impressive weekly gains of 1075% and a trading volume of more than $15 billion during the same time period.
PancakeSwap did the same thing, trading $2.17 billion worth of items each week and going up by 65.77%.
In March, there has been a lot of trading on these decentralized exchanges. In just two weeks, the volume has already reached $76.71 billion.
On the other hand, the volume was around $86 billion for all of February, $70 billion for all of January, and less than $50 billion for all of December.
Since trust in centralized organizations is at an all-time low, more investors are eager to trade on the DeFi ecosystem.
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