Uniswap’s trading volume hits an all-time high of $11.84 billion, doubling its record set in November 2021. The USDC de-pegging event and weekend trading are driving the volume, with $15 billion processed over seven days.
Uniswap made records as USDC fell
Uniswap hit its highest daily volume of $11.84 billion on March 12 despite all the market instability, reported Austin Adams, research data scientist at Uniswap.
According to Dune Analytics, the decentralized exchange doubled from its all-time high in November 2021.
The surge in Uniswap trading volume coincided with the USDC de-pegging event that took place after last weekend’s collapse of Signature, Silvergate and Silicon Valley Bank. A 15% drop saw the coin’s price drop from $1 to $0.887 as the coin’s market cap fell below $40 billion.
A number of cryptocurrency exchanges, including Binance and Coinbase, have also suspended USDC transactions. In addition, other USDC-backed stablecoins such as DAI and Frax have also been depegged.
The events further affected the price of other cryptocurrencies. Bitcoin crashed as low as $19,200 over the past weekend after falling from a key $20,000 support level.
As part of the USDC backup, Circle announced that Silicon Valley Bank held $3.3 billion in cash reserves — 8% of USDC’s total reserves.
As traders looked to swap 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 transactions took place between March 10th and March 12th. Uniswap Labs has reportedly raised over $8 million in revenue from this, with a smaller percentage going to liquidity providers.
Restoring the situation to normal
USD coin issuer (USDC) Circle on Sunday pledged to fill any reserve shortfalls. US regulators later said depositors could access their money on Monday morning after the US Open.
The news caused Bitcoin (BTC) and Ether (ETH) to surge, currently trading at $24,723 and $1,693.08, respectively. On Monday, the USDC was also fixed at $1.
Uniswap V3 current 7-day trading volume is $26.49 billion with Uniswap (UNI) trading at $6.27, up 2.69% in 24 hours.
What is Uniswap:
Launched in November 2018, Uniswap has grown to become the largest decentralized exchange in its category. It was developed open-source on the Ethereum blockchain and uses the AMM model to facilitate Ethereum ERC-20 token swaps. Uniswap
Much of the progress in Ethereum-based DeFi expansion can be attributed to Uniswap as it provided the market-making utility for Web3 apps to function in a decentralized environment. The platform consistently sees over half a billion dollars in daily trading volumes and has over $3 billion in total locked volume (TVL). The platform has traded over $1 trillion with over 129 million transactions since launch.
Where to find Uniswap:
Website | Twitter | discord |
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