Finally, the SEC, which sued Coinbase and Binance, severely affected the daily trading volume on decentralized exchanges.
After the SEC’s legal action against Coinbase and Binance, trading volume on decentralized exchanges (DEX) has increased by 444% over the past 48 hours. According to data from CoinGecko, total daily trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BSC) have increased more, accounting for 53 percent of the total DEX trading volume in the last 24 hours.
SEC’s Recent Moves Have Destabilized Many Data
Trading volume on Curve, the DEX platform that enables stablecoin trading, increased by 328%. As of writing, most of the trading activity on Curve is on stablecoins.
As DEX volumes skyrocketed, the gap between the value of assets entering and exiting the exchange on Binance reached a staggering $778 million. It is also important that the current net outflows are still much lower than the total reserves of the stock market. The next moves of the SEC, which affected dozens of data related to the crypto industry, were a matter of curiosity.
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