Decentralized crypto exchanges facilitated a record high $25 billion of daily trading volume on Saturday, according to Defi Llama data.
The previous high of $24.3 billion was in May 2021, when bitcoin (BTC) was worth roughly $65,000 and ether (ETH) $4,400.
Trading activity surged on a wave of panic as USD Coin (USDC), the second-largest stablecoin, lost its peg to the dollar following a short-lived banking crisis in the U.S.
The majority of trades took place on decentralized exchange Uniswap, with weekly volume of $31.7 billion. On the Curve protocol, meanwhile, traders rushed to flee USDC – a move that prompted an unbalancing of the protocol's equally weighted stablecoin liquidity pool.
(By Oliver Knight)
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