USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident

On Saturday, respective centralized crypto trading platforms and outgo processors stopped USDC car conversions. However, USDC experienced a important trading measurement connected decentralized speech (dex) platforms specified arsenic Uniswap, Curve, and Pancakeswap. Uniswap unsocial recorded $10.13 cardinal successful trades implicit the past day, with much than 55% of those swaps involving USDC against wrapped ether, and the stablecoin tether. During the past 24 hours, USDC emerged arsenic the astir ascendant trading brace connected dex platforms.

USDC Trades Below $0.975 Accounted for More Than $26 Billion connected Saturday

Based connected statistics, the stablecoin usd coin (USDC) recorded $26.73 cardinal successful planetary commercialized measurement during a 24-hour period. On Saturday, USDC depegged from the U.S. dollar, reaching a debased of $0.877 per coin. As a result, crypto firms specified arsenic Binance, Coinbase, Crypto.com, and Bitpay paused USDC payments and car conversions.

However, contempt centralized exchanges halting USDC conversions, the stablecoin accounted for 29% of the $90.70 cardinal successful 24-hour planetary crypto trades. According to statistic from coingecko.com, implicit the past day, $15.66 cardinal was settled connected dex trading platforms, with $10.13 cardinal of that magnitude resulting from trades connected Uniswap mentation 3 (v3).

Uniswap’s apical 2 pairs connected Saturday, March 11, 2023.

The 2 astir ascendant trading pairs connected Uniswap were USDC/WETH and USDC/USDT, with USDC swaps with wrapped ether accounting for $2.92 billion, and USDC trades with tether equating to $2.69 billion. Together, USDC/WETH and USDC/USDT represented 55.48% of each trades connected Uniswap v3 connected Saturday.

USDC/DAI accounted for 5.8% of Uniswap v3’s trades, amounting to $587 cardinal successful volume. Additionally, USDC saw galore different trades with assorted crypto assets listed connected the dex platform. On Curve’s Ethereum-based dex, $179 cardinal successful USDC/DAI swaps occurred during the day. USDC was a salient Curve brace with respective different stablecoins similar USDT, FRAX, GUSD, MIM, among others.

Curve 3pool stock is the bellwether of crypto sentiment💥

During today's USDC depeg, ppl panic sold USDC & DAI for USDT. USDT stock successful 3pool collapsed to 2%

Ironically, erstwhile Tether FUD happened during Terra clang & FTX collapse, USDT was the "infamous" & near 85% successful 3pool🤔 pic.twitter.com/VNo3ykxiob

— Panda Jackson (@pandajackson42) March 11, 2023

Curve’s 3pool experienced a alteration successful its stock of USDT to 2% arsenic traders sold USDC during the depegging incident. On Saturday, the dex level Pancakeswap v2 recorded $265,888,470 successful trading volume, with USDC/BUSD being the astir traded brace retired of 3,554 trading pairs. $59.95 million, oregon 22.55% of the trades, were USDC/BUSD swaps.

Pancakeswap’s Stableswap saw $250,361,665, with USDC/BUSD pairs accounting for 44.72% oregon $111.95 cardinal of the swaps. Uniswap v2 processed $152,276,446 successful swaps connected Saturday, with USDC pairs erstwhile again topping the database of v2 trading pairs. USDC trades with wrapped ether connected Uniswap v2 represented 32.95% of the dex’s volume, and 14.80% of the swaps were USDC/USDT.

While dex platforms generated a important magnitude of measurement from USDC trades, centralized exchanges besides witnessed a sizeable fig of USDC swaps connected Saturday. Metrics bespeak that Binance recorded $582.97 cardinal successful USDC trades against USDT, and Kraken saw $476 cardinal successful USDC/USD trades.

Kucoin registered $269.80 cardinal successful USDC/USDT swaps, and Kraken’s USDC trades with tether (USDT) amounted to $235 million. Kraken saw different $80.43 cardinal successful USDC trades with bitcoin (BTC), and different $78.32 cardinal of USDC/EUR swaps. Of the $26.73 cardinal successful USDC swaps connected some dex platforms and centralized exchanges, each USDC swap was for $0.975 oregon less, depending connected the hr of the day.

What are your thoughts connected the USDC swaps and trading measurement from Saturday? Share your opinions successful the comments conception below.

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