Uniswap, Curve Finance, SushiSwap make a killing amidst market uncertainty

ambcrypto.com:

Decentralized exchanges (DEXes) registered an exponential rise in trading activity in the last 24 hours after the collapse of Silicon Valley Bank (SVB) triggered FUD in the broader crypto market and depegged the USD Coin [USDC].

As per DeFiLlama, the total DEX trading volume surged to a four-month high of $15.12 billion on 11 March, with a weekly growth rate of more than 100%.

Source: DeFiLlama

The DEX dominance over aggregated DEX and centralized exchange (CEX) volume rose to 26.66% at the time of writing.

The fall of centralized entities has acted in favor of DeFi protocols in the past. It was exemplified during the post-FTX collapse period when users started to prefer self-custody over centralized exchanges.

Curve Finance [CRV], a DEX designed for stablecoin swapping, recorded its biggest daily trading volume, nearly $8 billion in the last 24 hours.

Due to high trading traffic, the total fees collected on the platform jumped to $952,000, the highest in four months, as per Crypto Fees.

Similarly, the largest DEX in terms of trading volume, Uniswap [UNI] posted its best performance in four months after its volume surged to $3.45 billion in the last 24 hours.

The transaction fees paid by the users hit a 10-month high of $8.75 billion at press time.

Source: DeFiLlama

Another popular DEX, SushiSwap [SUSHI] also witnessed a jump in activity and it became one of the most used smart contracts by top Ethereum whales in the last 24 hours.