Can Uniswap, Curve and Aave reap the benefits of USDC’s fall
The fall of SVB has brought a shockwave to many investors in the crypto community. While major firms and large stablecoin issuers faced the heat, the DEX sector of the crypto space, managed to see growth.
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For instance, Uniswap witnessed an all-time high in terms of volume and outperformed Nasdaq by 5%.
Other DeFi protocols such as Aave and Curve also observed a spike in activity during this period. Due to the high activity registered on these protocols, the fees generated by them increased.
<p lang=«en» dir=«ltr» xml:lang=«en»>Yesterday, #DeFi transactions were highly active because of the panic surrounding #USDC. #Uniswap fees saw a surge, reaching $8.7 million, the highest since May 12 of last year. Curve fees also increased, reaching $950,000, the highest since November 10 of https://t.co/TuhZEhbDtA… https://t.co/LGTNu4bUGi pic.twitter.com/vysQRnlfke— BecauseBitcoin.com (@BecauseBitcoin) March 12, 2023
Interestingly, the spike in fees generated impacted the revenue collected by these protocols. According to Messari’s data, revenue generated by Uniswap increased by 0.74%, whereas the Curve protocol witnessed an uptick of 0.12%.
However, Aave observed the most growth in this regard as it saw a spike of 48.76% in terms of revenue collected over the last week.
The high spike in revenue for Aave was made possible because there was a surge of 89.93% in the number of unique users on the Aave protocol.
The high activity on all these protocols, however, did not translate to a surge in the total value locked (TVL) on them.
According to DeFi Llama’s data, Uniswap’s TVL fell by 17.29% in the past few days. The Curve protocol’s TVL witnessed a similar decline and fell by 20% in the same period.
Meanwhil
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