Tuesday, October 3, 2023
HomeNewsUSDC Drops Below $1, Strengthens Position for DEX (Decentralized Exchange.)

USDC Drops Below $1, Strengthens Position for DEX (Decentralized Exchange.)

The collapse of Valley Bank caused US dollar stablecoin USDC to break anchor last weekend and once dropped to as low as $0.87, FUD sentiment is also spreading in the crypto market. DEX (Decentralized Exchange) has even experienced exponential growth in trading activity and fee revenue. According to DeFiLlama data, on March 11, total DEX trading volume skyrocketed to $15.12 billion, setting a new four-month high, with a weekly growth rate of more than 100% . (CEX) trading volume (this indicator reflects the market dominance of DEX) increased to 26.66%, the highest value since 2019. (photo1) For the crypto community, the decline The decline of centralized entities favors the growth of DeFi, especially after the collapse of FTX, more and more users are choosing to abandon centralized exchanges and start exploring self-custody. -data shows that DEXs like Uniswap, Curve Finance and SushiSwap posted impressive growth last weekend. First of all, as a DEX specifically designed to exchange stablecoins, Curve Finance has set a record for the highest single-day trading volume of nearly US$8 billion in the last 24 hours. According to CryptoFees data, due to the spike in trading volume, the fee income collected on the Curve platform also skyrocketed to $952,000, setting a new four-month high.(he 2) +Next being Uniswap, Uniswap is also one of the DEXs with the largest trading volume in the cryptocurrency market today, USDC’s trading volume skyrocketed to 3.45 billion USD within 24 hours after USDC was canceled anchor, marking the best performance of the past 4 months. Transaction fees paid by Uniswap users have also increased to $8.75 billion as of the time of this writing, reaching a 10-month high. (photo3) +Another popular DEX is SushiSwap, which also saw an increase in activity during the USDC crisis and became one of the most used smart contracts by Ethereum whales.( photo 4) It is believed that after this crisis, the crypto community will better understand the risks of centralized entities and will definitely choose DEX and DeFi more in the future.

Source: Collector



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