Trading Volume on DEXes Hits Highest Level in Almost 2 Years
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Last week saw a huge spike in the activity of users of decentralized crypto exchanges (DEX). According to DeFiLlama data, the amount of digital assets traded was close to $25 billion on Saturday.
This was reminiscent of the surge in May 2021 when bitcoin was trading around $65,000 and Ethereum was just below $4,400.
The increased DEX activity was due to USDC stablecoin falling below $1 due to problems with its issuer Circle.
The banking crisis in the US also drove capital into digital assets, causing BTC and ETH to gain in value.
The UniSwap platform leads the DEX ranking with a weekly trading volume of $31.7 billion, followed by the Curve exchange.
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