- Uniswap and Curve DAO, both decentralized crypto exchanges, witnessed a spike in trade volume over the weekend amidst USDC de-peg.
- Traders rushed to exchange Circle’s stablecoin USDC for alternate cryptocurrencies, dominating 55% trade on Uniswap’s DEX.
- UNI and CRV prices have exploded since March 12, yielding double-digit gains for holders.
Circle’s stablecoin USDC’s depeg triggered massive uncertainty in the crypto ecosystem over the weekend. Traders rushed to decentralized exchanges Uniswap and Curve to exchange USDC for other digital assets.
The massive spike in trade volume, contributed to rise in revenue of the exchanges and catalyzed a recovery rally in UNI and CRV prices.
Also read: Did Binance CEO just present us with a buy signal?
USDC de-peg pushes Uniswap and Curve’s revenue and trade volume higher
Circle’s stablecoin USDC’s de-peg triggered uncertainty among crypto market participants. It resulted in several traders rushing to decentralized exchanges Uniswap and Curve to exchange the stablecoin for other assets.
Traders exchanging USDC dominated nearly 55% of the trade on Uniswap’s DEX. The exchange’s trade volume hit $12 billion for the first time since its inception, based on data from Dune Analytics.
Colin Wu, a Chinese reporter noted that Silicon Valley Bank’s bankruptcy and USDC transactions led to a substantial increase in lending and other protocol fees.
吴说获悉,因对 SVB 破产波及 USDC 的恐慌,昨日稳定币交易活跃,带动了 DEX、借贷等协议费用大幅增长。据 CryptoFees info 数据,Uniswap 费用超过 870 万美元,是自去年 5 月 12 日以来高点;Curve 费用超过 95 万美元,是自去年 11 月 10 日以来高点;Aave https://t.co/ztTMJJJosl… https://t.co/0KD9phw17p pic.twitter.com/GXiJEelO9E
— 吴说区块链 (@wublockchain12) March 12, 2023
Uniswap DEX revenue
According to data from CryptoFees, trade fees on Uniswap exceeded $8.7 million, the highest level since May 12, 2022. For Curve’s DEX, revenue climbed above $950,000, highest point since the FTX collapse of 2022.
UNI and CRV prices witness recovery rally
Uniswap (UNI) and Curve (CRV) tokens yielded double-digit gains to holders since yesterday. The tumultuous events catalyzed a recovery in the prices of the DEX tokens. UNI price climbed nearly 10%, while CRV yielded 11.5% gains since March 12.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.