Image default

Crypto’s Decentralized Exchanges Had Most Volume in 10 Months Amid U.S. Crackdown in March

Facebook iconLinkedin iconTwitter iconDecentralized exchange total trading volume (DeFiLlama)

Decentralized exchange total trading volume (DeFiLlama)

Consensus 2023 LogoJoin the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your SeatFacebook iconLinkedin iconTwitter iconConsensus 2023 LogoJoin the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your Seat

Decentralized exchanges had a large jump in cryptocurrency trading volume in March as U.S. regulators went after their centralized counterparts including Kraken, Coinbase and Binance.

Volume on DEXs reached $133.1 billion, the third consecutive monthly increase and the highest monthly total since May, according to DefiLlama data.

This comes as the crypto industry faces possibly its strongest regulatory pressure yet, with centralized exchanges feeling the brunt of it so far. The U.S. Securities and Exchange Commission went after Kraken for its staking service, and issued a Wells Notice to Coinbase, while the Commodity Futures Trading Commission accused Binance of evading U.S. law.

That’s led some to speculate crypto traders will shift to DEXs, and the DefiLlama data suggests that could be happening.

Read more: Crypto’s Unfulfilled Dreams Get a Tailwind From U.S. Crackdown on Binance, Coinbase

Also contributing to the rise in DEX trading volume could be the stablecoin crisis where the second-largest by market cap, USDC, lost its peg to the dollar following the collapse of Silicon Valley Bank in mid-March. USDC has since resumed its close link to $1.

According to research platform, Kaiko, CEXs witnessed a serious lack of liquidity for stablecoin pairs during the depeg, prompting an “unprecedented number” of USDC holders to rely on DEXs for liquidity.

CoinDesk - Unknown


Edited by Nick Baker.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Trending1Money Reimagined Podcast CoverCoinDesk’s Money ReimaginedThe ‘War On Crypto,’ Is It a Uniquely American War?Apr 7, 20232Fugitive BitMEX CEO Arthur Hayes Reemerges to Weigh In on GameStop SagaFinanceFormer BitMex CEO Arthur Hayes Calls His Maelstrom Capital a ‘Very Patient’ FundApr 7, 20233Flat tire on a car deflated stuck (Sebastian Huxley/Unsplash)MarketsFirst Mover Asia: Bitcoin Is Flat, Ether in the Red, as a Long Weekend BeginsApr 7, 20234Twitter's new logoMarketsDogecoin Drops After Elon Musk's Twitter Stops Using Its Dog LogoApr 6, 2023


Related posts

Diving Deep Into DeFi to Navigate the New Wave of Finance

Blake Goodwin

Janet Yellen Sees No Recession, Calls US Economy ‘Exceptionally Strong’

Blake Goodwin

High Bid on NFT of Ethereum’s Final PoW Block Is Just One-Third What Creators Paid to Mint It

Blake Goodwin

Leave a Comment