It was just a few days back when the collapse of the Silicon Valley Bank (SVB) was witnessed by the entire banking system plus the crypto industry.
The contagion also caused several problems for the entire crypto industry as crypto firms had strong ties with the banking firm.
Decentralized Exchanges Performed Well
As the entire crypto industry faced a contagion due to the downfall of the SVB, it seemingly worked wonders for the decentralized exchanges.
A great surge was witnessed in the trading activity of the decentralized exchanges. It soared to higher levels that were not registered by the decentralized exchanges since November 2022.
Data Shared by DeFiLlama
The teams at DeFiLlama have shared useful information about the trading decentralized exchanges and the trading volume they recorded in the past week.
The decentralized exchanges’ trading volume has surged by 255.36% in the past week. It reportedly went all the way up to hit a high of $60 billion.
DeFiLlama has revealed that such a surge and high figure was not witnessed in the crypto industry in the past four months.
On March 11, the trading volume recorded on the decentralized exchanges was at a high of $25 billion. This happened because the investors attempted to move their funds away from the banks.
They wanted to save their funds and make things right to make it through the difficult situation.
Performance of Major DEXs
According to the statistics, most of the decentralized exchanges recorded gains in the green zone. As for the major decentralized exchanges, the increases they recorded were almost 100% of their regular volumes.
The decentralized exchange that was at the top among all other decentralized exchanges was Uniswap. It is already the largest DEX in the entire DeFi industry and was at the top position on the leaderboard.
The exchange has generated the highest trading volume in the past week. The data shows that the exchange’s trading volume surged to $31.69 billion.
On March 11, the exchange recorded a daily trading volume of $31.69 billion, the highest the platform has ever hit.
Due to the recent jump, the profits of the liquidity providers have surged on the Uniswap exchange as well. This means that as of now, the entire Uniswap community is having the best time ever.
Other DEXs
The decentralized exchanges that have demonstrated strong performances after Uniswap include Curve and PancakeSwap.
The trading volume for Curve in the same period was $15 billion. The statistics show that the particular exchange’s weekly trading volume surged by 1075%.
The next exchange is PancakeSwap which has recorded a weekly trading volume of $2.17 billion. Its trading volume has reportedly surged by 65.77% in the same period.