- Total DEX trading volume rose to a four-month high of $15.12 billion on March 11.
- Total fees collected on Uniswap reached their highest value since May 10.
Decentralized exchanges (DEXs) registered an exponential increase in trading activity over the past 24 hours after the collapse of Silicon Valley Bank (SVB) caused FUD in the wider crypto market and decoupled the USD coin [USDC].
According to DeFiLlama, total DEX trading volume rose to a four-month high of $15.12 billion on March 11, growing more than 100% weekly.
DEX dominance over aggregate DEX and centralized exchange (CEX) volume rose to 26.66% at the time of writing.
Popular DEXes are showing impressive growth
The fall of centralized entities has acted in favor of DeFi protocols in the past. It was exemplified during the post-FTX collapse period when users began to prefer self-custody over centralized exchanges.
Crooked finances [CRV]a DEX designed for stablecoin exchange recorded its largest daily trading volume, almost $8 billion in the past 24 hours.
Due to the high level of trading traffic, the total fees collected on the platform have increased to $952,000, the highest in four months, according to Crypto Fees.
Similarly, the largest DEX in terms of trading volume, Uniswap [UNI] posted its best performance in four months after volume surged to $3.45 billion in the past 24 hours.
Transaction fees paid by users hit a 10-month high of $8.75 billion at the time of writing.
Another popular DEX, SushiSwap [SUSHI] also witnessed a jump in activity and it became one of the most used smart contracts by the top Ethereum whales in the last 24 hours.
JUST IN: $SUSHI @sushiswap one of the MOST USED smart contracts in the top 100 #ETH whales in the last 24 hours🐳
Check out the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SUSHI #whale statistics #babywhale #BBW pic.twitter.com/JtN7rwz8zX
— WhaleStats (crypto whale tracking) (@WhaleStats) March 12, 2023
The future is DeFi!
DEX’s have grown in leaps and bounds over the last 3-4 years. Development activity for various projects has multiplied according to a tweet from Token terminal, with developers working on as many as 20 different projects as of March 10.
This argues well for the future of decentralized finance (DeFi).
Bullish on the future of DEXs pic.twitter.com/0ITgzUo7n3
— Tokenterminal (@tokenterminal) March 11, 2023
Finally, USDC lost its dollar peg on some exchanges amid concerns that reserves backing the second-largest stablecoin by market cap were tied up in the failed Silicon Valley Bank (SVB). At the time of writing, USDC was recovering to $0.95 according to CoinMarketCap.