DeFi Market’s Trading Volumes Soar by More Than 400%
The US Securities and Exchange Commission’s (SEC) initiation of lawsuits last week against leading exchanges Coinbase and Binance caused traders to abandon those platforms in droves and move funds to the DeFi decentralized finance market.
This led to a sharp increase in the average daily transaction amounts with digital assets on decentralized exchanges like Uniswap v3 and PancakeSwap v3 (which accounted for 53% of the DeFi market) – CoinGecko reported a 444% spike to $790 million.
Meanwhile, Curve saw a 328% boost in trading, driven primarily by the popular stablecoins USDT and USDC. Nansen analytics also showed investors favoring Ethereum tokens in withdrawing funds from Binance.
As a result of these events, the amount of digital assets locked in decentralized finance protocols dropped to $43.35 billion on June 11 – compared to its mid-April peak of $52 billion, as per DeFiLlama.
