Circle’s stablecoin USDC’s depeg triggered massive uncertainty in the crypto ecosystem over the weekend. Traders rushed to decentralized exchanges Uniswap and Curve to exchange USDC for other digital assets.
The massive spike in trade volume contributed to a rise in the revenue of the exchanges and catalysed a recovery rally in UNI and CRV prices.
Traders exchanging USDC dominated nearly 55% of the trade on Uniswap’s DEX. The exchange’s trade volume hit $12 billion for the first time since its inception, based on data from Dune Analytics.
It was reported that Silicon Valley Bank’s bankruptcy and USDC transactions led to a substantial increase in lending and other protocol fees.
According to data from CryptoFees, trade fees on Uniswap exceeded $8.7 million, the highest level since May 12, 2022. For Curve’s DEX, revenue climbed above $950,000, highest point since the FTX collapse of 2022.
Uniswap (UNI) and Curve (CRV) tokens yielded double-digit gains to holders since yesterday. The tumultuous events catalyzed a recovery in the prices of the DEX tokens. UNI price climbed nearly 10%, while CRV yielded 11.5% gains since March 12.
