• DEX trading volume surged to a four-month high of $15.12 billion on 11 March
• Total fees collected on Uniswap hit its highest value since 10 May
• Popular DEXes register impressive growth with Curve Finance [CRV] recording its biggest daily trading volume, nearly $8 billion in the last 24 hours
Total DEX Trading Volume Surges
The total DEX trading volume surged to a four-month high of $15.12 billion on 11 March. Decentralized exchanges (DEXes) registered an exponential rise in trading activity in the last 24 hours after the collapse of Silicon Valley Bank (SVB) triggered FUD in the broader crypto market and depegged the USD Coin [USDC]. As per DeFiLlama, total fees collected on Uniswap hit its highest value since 10 May.
DEX Dominance over Aggregated Exchange Volume
The DEX dominance over aggregated DEX and centralized exchange (CEX) volume rose to 26.66% at the time of writing. Popular DEXes such as Curve Finance [CRV], Uniswap [UNI], and SushiSwap [SUSHI] all witnessed a jump in activity as users have started to prefer self-custody over centralized exchanges due to recent collapses of major entities.
Impressive Growth Across Popular DEXes
Curve Finance [CRV] recorded its biggest daily trading volume, nearly $8 billion in the last 24 hours with transaction fees paid by users hitting a 10-month high at press time. Similarly, Uniswap [UNI] posted its best performance in four months after its volume surged to $3.45 billion in the last 24 hours while SushiSwap [SUSHI] became one of the most used smart contracts by top Ethereum whales during this period as well.
Development Activity Across Different Projects Increase
The development activity across different projects has increased manifold as per a tweet by Token terminal, with developers working on as many as 20 different projects as of 10 March which argues well for the future of decentralized finance (DeFi).
USDC Lost Its Dollar Peg On Some Exchanges
USDC lost its dollar peg on some exchanges, over concerns that SVB was no longer supporting it but this is expected to be resolved soon when other banks step up their support for USDC