The three most popular decentralized exchanges’ (DEX) median trading volume increased 444% in the forty-eight hours.
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DEX Volume Surge Post CEX Lawsuits
The surge in DEX volume is seen as a result of concerned investors in crypto space who have responded to recent legal measures taken by the US securities commission against Coinbase and Binance.
Data from CoinGecko shows that from June 5 to June 7, the entire daily trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum), and PancakeSwap v3 (BSC), which make up 53% of the entire DEX trading volume in the previous 24 hours, surged by over $792 million. In addition, the trading volume on Curve, a DEX that supports stablecoin trading, increased by 328%.
What is DeFi?
Decentralised Finance (DeFi) is a general term for a variety of financial products and services based on Ethereum’s blockchain technology. By eliminating intermediaries like banks and financial institutions and replacing them with smart contracts, these applications seek to democratize money.
Memecoin Tokens’ Volume Surge on DEX
It is noteworthy that since the memecoins were not available on significant centralized exchanges, cryptocurrency investors hurried to buy tokens like Pepe (PEPE) and Turbo (TURBO) using Uniswap and a variety of other decentralized protocols.
Netflows to Binance hit a stunning $778.6 million as DEX volumes increased. Notably, current net outflows are still much below the overall reserve of the exchange.
Legal Action Against Binance and Coinbase
The news comes amid an upsurge of legal actions taken by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges. The SEC sued Coinbase on June 6 on the grounds that it had issued unregistered securities.
Prior to this, the SEC had filed a lawsuit against the business, which is why Coinbase decided to sue the SEC in April over regulatory uncertainty.
Additionally, the SEC has most recently filed 13 complaints against Binance Holdings Ltd. (“Binance”), which operates Binance.com, the world’s largest cryptocurrency trading platform for operating unregistered exchanges with many other accusations.
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