The SEC’s strict regulatory actions against centralized exchanges (CEXs), Binance, and Coinbase push investors to decentralized exchanges.
Trading volumes for the top three DeFi exchanges have hit almost $800 million in the past 48 hours, indicating a surge of 444%.
Massive Surge In DeFi Trading Volumes
The recent SEC crackdown on centralized exchanges has pushed crypto investors into decentralized exchanges (DEXs), creating a massive spike in their total trading volumes.
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According to data from CoinGecko, the total trading volumes on PancakeSwap v3 (BSC), Uniswap v3 (Ethereum), and Uniswap v3 (Arbitrum) surged by over $792 million between June 5 and June 7. The three DEXs constitute about 53% of the total DEX trading volume over the past 24 hours.
During the meme coins’ explosive rush in May, the decentralized exchanges’ trading volumes slightly exceeded Coinbase’s. Tokens like Pepe (PEPE), Turbo (TURBO), and others witnessed massive investment attention as crypto investors accumulated the coins.
Moreover, most of the investments occurred in decentralized platforms such as Uniswap since major CEXs do not list meme coins. Further, Curve, a DEX for trading stablecoins, got a share of the bullish trend…
