Trading volumes on DeFi increased by 444% after the SEC cracked down on Binance and Coinbase

The previous two days have seen a roughly $800 million increase in the daily trade volumes on decentralized markets.

Since yesterday, the median trading volume on the top three decentralized exchanges (DEX) has increased by 444% as cryptocurrency investors reel from the SEC’s latest legal moves against Coinbase and Binance.

More than $792 million was traded on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum), and PancakeSwap v3 (BSC) between June 5 and June 7, according to statistics compiled by CoinGecko. These three DEXs account for 53% of the entire DEX trading volume in 24 hours.

Additionally, there was a 328% increase in trade volume on the decentralised exchange (DEX) Curve, facilitating the trading of stablecoins. As of this writing, most of Curve’s trading volume is in USD stablecoins, which are tethered to the value of the U.S. dollar.

The DEXs’ trading volumes temporarily eclipsed Coinbase’s throughout May’s memecoin craze. Memecoins like Pepe (PEPE) and Turbo (TURBO) were listed outside large centralised exchanges. Therefore, crypto investors flocked to buy Uniswap and other decentralised protocols.

It’s important to remember that the exchange’s overall reserve is far more significant than the present net outflows. Binance’s stablecoin balance was above $8 billion at press time.

SEC lawsuits against cryptocurrency exchanges have coincided with the market euphoria. Coinbase was sued by the SEC on June 6 on many counts, including offering securities without registration and acting as a broker without proper licencing.

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