The leading decentralised exchanges (DEX) Uniswap and Curve experienced record-breaking trading volume on the weekend after USDC holders rushed to liquidate tokens with others.
According to the verified source, Uniswap has managed a $12 billion trading volume in 24 hours between Saturday-Sunday, which is the first time in its entire life cycle.
On the other hand, a decentralised exchange built with an automated market maker (AMM) model, Curve generated around $8 billion in trading volume.
The spike in the trading volume has been seen after the de-pegging of USDC stablecoin due to the Silicon Valley Bank (SVB) collapse, resulting in massive panic sell. Nevertheless, the stablecoin issuer, Circle assured its investors about its strong USDC reserve position.
FDIC, a regulatory administrator for SVB said that all depositors will be able to claim their total funds. This provided a big relief to Circle and USDC holders as nearly $3.3 billion USDC reserves are held in the bank.