June 7, 2023

Top 3 DEXs Saw 444% Hike in Trading Volume over Past 48 Hours

DEXs

DEXs

The average trading volume in the top three decentralized exchanges (DEX) hiked 444% over the past 48 hours, following the United States Securities and Exchange Commission’s (SEC)’s legal actions against Binance and Coinbase, Cointelegraph reported.

According to data aggregated from Coingecko, the total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC), the top three DEXs accounting for 55% of the total DEX trading volume in the last 24 hours, went up by more than $792 million between June 5 and June 7.

Moreover, the trading volume on Curve, a stablecoin-centric decentralized exchange (DEX) increased by 328% as the trading activity is focused on trading Tether and the U.S. Dollar-pegged stablecoins USD Coin.

At the same time, crypto exchanges, especially, Binance witnessed large net outflows over the past 24 hours. Binance saw total outflows of more than $1.6 billion over the past 24 hours and the net outflow was more than $778.6 million. Therefore, the inflows recorded $871 million. The current net outflows are still much lower than the crypto exchange’s total reserve, which is estimated at more than $8 billion, according to data collected by crypto analytic firm Nansen.

Over the past two days, the US SEC filed lawsuits against Binance, Binance.US and Binance CEO Changpeng Zhao (CZ), accusing them of unregistered securities and acting as an unregistered securities broker among other charges. It also accused Binance as it was illegally operating in the US.

The US Commission sued New York-based crypto exchange Coinbase for the same allegations. It also claimed that Coinbase has operated as an unregistered security broker since 2019, almost two years before its initial public offering in April 2021.

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