Uniswap and Curve DAO, both decentralized crypto exchanges, witnessed a spike in trade volume over the weekend amidst USDC de-peg.Â
Traders rushed to exchange Circleâs stablecoin USDC for alternate cryptocurrencies, dominating 55% trade on Uniswapâs DEX.Â
UNI and CRV prices have exploded since March 12, yielding double-digit gains for holders.Â
Circleâs stablecoin USDCâs 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.Â
The massive spike in trade volume, contributed to rise in revenue of the exchanges and catalyzed a recovery rally in UNI and CRV prices.Â
USDC de-peg pushes Uniswap and Curveâs revenue and trade volume higher
Circleâs stablecoin USDCâs de-peg triggered uncertainty among crypto market participants. It resulted in several traders rushing to decentralized exchanges Uniswap and Curve to exchange the stablecoin for other assets.
Traders exchanging USDC dominated nearly 55% of the trade on Uniswapâs DEX. The exchangeâs trade volume hit $12 billion for the first time since its inception, based on data from Dune Analytics.Â
Colin Wu, a Chinese reporter noted that Silicon Valley Bankâs 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 Curveâs DEX, revenue climbed above $950,000, highest point since the FTX collapse of 2022.Â
UNI and CRV prices witness recovery rallyÂ
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.
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