DEX trading volumes soar as traders flee Coinbase and Binance

- The ongoing attack on U.S. centralized cryptocurrency exchanges by the Securities and Exchange Commission has hit the crypto market hard, but it’s turned out to be a boon for decentralized exchanges , which have seen their trading volumes spike in the wake of the lawsuits filed against Coinbase and Binance.

Uniswap V3 saw the largest increases in trading activity, with the top DEX seeing its volume ramp up from a low of $199 million on Sunday to a high of $994 million on Wednesday, an increase of nearly 500%.The trading volume on Arbitrum’s Uniswap app also increased by 500% this week, climbing from $77.4 million on Sunday to a high of $387.5 million on Tuesday.

The trading volume on Curve, a DEX that specializes in the trading of stablecoins, spiked by 328%, with the bulk of the trading activity focused on U.S. dollar-pegged stablecoins USD Coin and Tether . Binance has been the hardest hit, with data from Defi Llama showing that as of Wednesday, the world’s top exchange has suffered a 7-day outflow of $1.725 billion worth of value.

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