DEX (Distributed Exchange) trading volume hits record high of $25 billion on March 11 | coindesk JAPAN | Coindesk Japan

DEX (decentralized exchange) trading volume hit a record high of $25 billion on March 11, according to data from DefiLlama.

The previous record is $24.3 billion in May 2021. At the time, Bitcoin (BTC) was around $65,000 and Ethereum (ETH) was around $4,400.

While USD Coin (USDC), the No. 2 stablecoin by market capitalization, temporarily lost its dollar peg following the banking crisis in the United States, DEX trading volume soared.

Uniswap accounted for the bulk of the deal. The Curve was also flooded with traders, causing an imbalance in USDC’s liquidity pool.

Circle, the issuer of USDC, has tried to assuage fears by reiterating that USDC is backed by $1, although it has $3 billion in bankruptcy with the failed Silicon Valley bank.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: DefiLlama
｜Original: Decentralized Exchanges Posted Record $25B Daily Volume as USDC Depegged