- It’s up nearly $800 million
- The numbers are almost the same as during the memcoin rally in May
Decentralized exchanges have dramatically increased trading volumes in the last 48 hours. The average of the three largest DEXs is up 444%. Such data is provided by CoinGecko service. They used Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC) metrics. These platforms account for more than half (53%) of the total trading volume on decentralized platforms.
In monetary terms, volume grew by $792 million in 48 hours (June 5-7). DEX briefly outperformed Coinbase during May’s memcoin rally.
Stablecoin trading also jumped nicely. Curve (the largest platform in this category) grew volume by 328%. The main assets here remain USDT and USDC staples.
While DEX is increasing trading, the classic cryptocurrency exchanges are recording net outflows. Yesterday we wrote that on Binance, that number reached $800 million.
We should emphasize that the net outflow remains well below the amount of the company’s total reserve.. Binance maintains more than $8 billion in stabelcoins on its balance sheet. As well as bitcoins and other assets.
The flow of funds to decentralized exchanges is the result of a general fear. For the past two days, the SEC has launched a hunt for Binance and Coinbase, two of the largest cryptocurrency exchanges in the U.S. and the world. The regulator has filed lawsuits against the companies.