Uniswap’s trading volume hits an all-time high at $11.84bn, doubling its November 2021 record. USDC de-pegging event and weekend trading drive volume, with $15bn processed over seven days.
Uniswap Made Records as USDC Fell
Uniswap reached its highest single-day volume of $11.84 billion on March 12, amid all the market instabilities, reported Austin Adams, research data scientist at Uniswap.
According to Dune analytics, the decentralized exchange doubled its all-time high in November 2021.
The spike in Uniswap trading volume coincided with the USDC de-pegging event that took place following the collapse of Signature, Silvergate, and Silicon Valley Bank over the last weekend. In a 15% decline, the coin’s price fell from $1 to $0.887, as the coin’s market cap dropped below $40 billion.
A number of cryptocurrency exchange platforms, including Binance and Coinbase, have also suspended USDC transactions. In addition, other USDC backed stablecoins like DAI and Frax, have also been depegged.
The events further affected the price of other cryptocurrencies. Bitcoin plunged to as low as $19,200 last weekend after dipping from a major support level of $20,000.
As part of the USDC backup, Circle disclosed that the Silicon Valley Bank held $3.3 billion in cash reserves – 8% of the total USDC reserves.
With traders seeking to trade USDC for other cryptocurrencies over the weekend, decentralized exchanges, Uniswap and Curve saw high trading volumes on their platforms.
According to Dune Analytics, wrapped ether (WETH), tether (USDT), and dai (DAI) pools processed $15 billion in volume over seven days. The majority of the transactions occurred between March 10 and March 12. As per reports, Uniswap Labs has generated over $8 million in revenue as a result, with a smaller percentage going to liquidity providers.
Restoring Normalcy to the Situation
The USD coin (USDC) issuer Circle pledged on Sunday to cover all shortfalls in reserves. The U.S. regulators later said depositors could access their money on Monday morning after the U.S. open.
The news led to the surge of Bitcoin (BTC) and Ether (ETH), which are currently trading at $24,723 and $1693.08, respectively. On Monday, the USDC was repegged to $1 as well.
Uniswap V3’s current 7-day trading volume stands at $26.49 billion, with Uniswap (UNI) trading at $6.27, up 2.69% in 24 hours.
What is Uniswap:
Uniswap was launched in November 2018 and has grown to become the largest decentralized exchange in its category. It was built open-source on the Ethereum blockchain and uses the AMM model to facilitate Ethereum ERC-20 token swaps. Uniswap
Much of the progress made in Ethereum-based DeFi expansion is attributable to Uniswap as it provided the market-making utility for Web3 apps to function in a decentralized environment. The platform consistently records daily trade volumes of over half a billion dollars and has a total volume locked (TVL) of more than $3 billion. The platform has traded over $1 trillion since it launched via over 129 million transactions.
Where to find Uniswap:
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