DEX Implodes with Record-Breaking Trading Volume due to USDC depeg

Major defi crypto exchanges, Uniswap and Curve have seen recorded trading volume over the weekend after the USDC de-pegging issue due to SVB prompt.

Written By:
Rajpalsinh

Last updated: March 13, 2023 12:25 PM

Published March 13, 2023 12:25 PM

Last updated: March 13, 2023 12:25 PM

Published March 13, 2023 12:25 PM

The leading decentralised exchanges (DEX) Uniswap and Curve experienced record-breaking trading volume on the weekend after USDC holders rushed to liquidate tokens with others.

According to the verified source, Uniswap has managed a $12 billion trading volume in 24 hours between Saturday-Sunday, which is the first time in its entire life cycle.

🦄 @Uniswap at almost $12b in daily volume, hitting 11 digits for the first time ever!!!

👀 I don't often tweet volume milestones anymore but that's over 5% of Nasdaq https://t.co/ZUszhiUNPu
— hayden.eth 🦄 (@haydenzadams) March 12, 2023

On the other hand, a decentralised exchange built with an automated market maker (AMM) model, Curve generated around $8 billion in trading volume.

Hot time pic.twitter.com/aWE2LLFZvb
— Curve Finance (@CurveFinance) March 12, 2023

The spike in the trading volume has been seen after the de-pegging of USDC stablecoin due to the Silicon Valley Bank (SVB) collapse, resulting in massive panic sell. Nevertheless, the stablecoin issuer, Circle assured its investors about its strong USDC reserve position.

FDIC, a regulatory administrator for SVB said that all depositors will be able to claim their total funds. This provided a big relief to Circle and USDC holders as nearly $3.3 billion USDC reserves are held in the bank.