Uniswap, Curve Finance, SushiSwap make a killing amidst market uncertainty

March 13, 2023

By Suzuki Shillsalot

• The total 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.

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, the total DEX trading volume surged to a four-month high of $15.12 billion on 11 March, with a weekly growth rate of more than 100%.

The DEX dominance over aggregated DEX and centralized exchange (CEX) volume rose to 26.66% at the time of writing.

Popular DEXes register 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 started to prefer self-custody over centralized exchanges.

Curve Finance [CRV], a DEX designed for stablecoin swapping, recorded its biggest daily trading volume, nearly $8 billion in the last 24 hours.

Due to high trading traffic, the total fees collected on the platform jumped to $952,000, the highest in four months, as per Crypto Fees.

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