The growth of traders’ activity on DEX platforms in March is one and a half times higher than in February. This comes after the bankruptcy of U.S. banks and regulatory pressure on centralized cryptocurrency exchanges.
Trading volume on decentralized exchanges (DEX) reached a ten-month high. For the first time since May 2022, according to DeFiLlama, the figure rose to $133.3 billion in March, up 53% from $86.9 billion in February.
Trading volumes on decentralized exchanges topped $145 billion in May 2022, following the collapse of TerraUSD (UST) and Luna tokens. And then declined to $65 billion in October. The bankruptcy of the FTX exchange again caused an increase in trading volume on DEX – in November it was $113 billion. And then again for three months did not rise above $87 billion.
A surge in cryptocurrency trading on DEX platforms began in March after Silvergate Bank announced it was shutting down operations. For example, in the week following the news of the bank’s problems alone, trading volume on DEX was $50.2 billion, which was also the highest since the Terraform Labs token crash.
This was followed by the collapse of Signature Bank as well as a warning from the SEC to Coinbase. And the Commodity Futures Trading Commission (CFTC) lawsuit against Binance. At the end of a difficult month for the cryptocurrency industry, trading volume on DEX exceeded $133 billion.
Our experts note that Curve ($4.78 billion), Uniswap ($4.06 billion) and PancakeSwap ($2.33 billion) are leaders among decentralized exchanges in terms of total value locked (TVL).