DappRadar released a report on the aftermarket of Silicon Valley Bank's (SVB) fall. As one of the most susceptible categories to market crashes and uncertainty periods, Decentralized Finance (DeFi) saw a surge in transactions amid USDC's volatility.
"On 11 March, following the SVB crash and USDC depegging, the DeFi market experienced a significant drop in its TVL, falling by 9.6% from $79.28 billion to $71.61 billion. The news created panic among investors, leading to a considerable sell-off and a decrease in the TVL." DappRadar wrote in the report.
The market received a boost on Monday, March 13th, when the USDC reserve deposit held at Silicon Valley Bank became fully accessible to the public, resulting in market stabilization. As a result, DeFi TVL surged by 13%, reaching $81.15 billion. In addition, the number of unique active wallets (UAW) interacting with DeFi contracts also rose by 13% between March 8 and March 11, increasing from 421,026 to 477,094.
DappRadar also noted a 23% increase of transaction count, from 1,356,483 to 1,668,992, during the same period.
Notably, Uniswap V3 saw a notable surge in its number of unique active wallets (UAW) over the weekend, reaching over 67,000 on Saturday, March 11, with a volume of $14.4 billion, the highest recorded figure for V3. This was the highest number of UAW recorded on a Uniswap dapp since the summer of 2021. In addition, the average transaction size on Uniswap V3 on Saturday was $170,080, nearly twice the mean, indicating that Ethereum DeFi whales were particularly active over the weekend.
Similarly, 1inch Network set a new record for transaction volume among dapps on Saturday, reaching $3.4 billion, which ranked it second among DeFi dapps in terms of this metric.DeFi Transactions Surge Amid Silicon Valley Bank’s Fall and USDC Volatility