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On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades over the past day, with more than 55% of those swaps involving USDC against wrapped ether, and the stablecoin tether. During the last 24 hours, USDC emerged as the most dominant trading pair on dex platforms.
USDC Trades Below $0.975 Accounted for More Than $26 Billion on Saturday
Based on statistics, the stablecoin usd coin (USDC) recorded $26.73 billion in global trade volume during a 24-hour period. On Saturday, USDC depegged from the U.S. dollar, reaching a low of $0.877 per coin. As a result, crypto firms such as Binance, Coinbase, Crypto.com, and Bitpay paused USDC payments and auto conversions.
However, despite centralized exchanges halting USDC conversions, the stablecoin accounted for 29% of the $90.70 billion in 24-hour global crypto trades. According to statistics from coingecko.com, over the last day, $15.66 billion was settled on dex trading platforms, with $10.13 billion of that amount resulting from trades on Uniswap version three (v3).

The two most dominant trading pairs on Uniswap were USDC/WETH and USDC/USDT, with USDC swaps with wrapped ether accounting for $2.92 billion, and USDC trades with tether equating to $2.69 billion. Together, USDC/WETH and USDC/USDT represented 55.48% of all trades on Uniswap v3 on Saturday.
USDC/DAI accounted for 5.8% of Uniswap v3’s trades, amounting to $587 million in volume. Additionally, USDC saw numerous other trades with various crypto assets listed on the dex platform. On Curve’s Ethereum-based dex, $179 million in USDC/DAI swaps occurred during the day. USDC was a prominent Curve pair with several other stablecoins like USDT, FRAX, GUSD, MIM, among others.

Curve 3pool share is the bellwether of crypto sentiment💥
During today's USDC depeg, ppl panic sold USDC & DAI for USDT. USDT share in 3pool collapsed to 2%
Ironically, when Tether FUD happened during Terra crash & FTX collapse, USDT was the "infamous" & left 85% in 3pool🤔 pic.twitter.com/VNo3ykxiob
— Panda Jackson (@pandajackson42) March 11, 2023

Curve’s 3pool experienced a decrease in its share of USDT to 2% as traders sold USDC during the depegging incident. On Saturday, the dex platform Pancakeswap v2 recorded $265,888,470 in trading volume, with USDC/BUSD being the most traded pair out of 3,554 trading pairs. $59.95 million, or 22.55% of the trades, were USDC/BUSD swaps.
Pancakeswap’s Stableswap saw $250,361,665, with USDC/BUSD pairs accounting for 44.72% or $111.95 million of the swaps. Uniswap v2 processed $152,276,446 in swaps on Saturday, with USDC pairs once again topping the list of v2 trading pairs. USDC trades with wrapped ether on Uniswap v2 represented 32.95% of the dex’s volume, and 14.80% of the swaps were USDC/USDT.

While dex platforms generated a significant amount of volume from USDC trades, centralized exchanges also witnessed a considerable number of USDC swaps on Saturday. Metrics indicate that Binance recorded $582.97 million in USDC trades against USDT, and Kraken saw $476 million in USDC/USD trades.
Kucoin registered $269.80 million in USDC/USDT swaps, and Kraken’s USDC trades with tether (USDT) amounted to $235 million. Kraken saw another $80.43 million in USDC trades with bitcoin (BTC), and another $78.32 million of USDC/EUR swaps. Of the $26.73 billion in USDC swaps on both dex platforms and centralized exchanges, each USDC swap was for $0.975 or less, depending on the hour of the day.
What are your thoughts on the USDC swaps and trading volume from Saturday? Share your opinions in the comments section below.




On Saturday, several centralized crypto trading platforms and payment processors stopped USDC auto conversions. However, USDC experienced a significant trading volume on decentralized exchange (dex) platforms such as Uniswap, Curve, and Pancakeswap. Uniswap alone recorded $10.13 billion in trades...

news.bitcoin.com

USDC Dominated Trading Volume on Decentralized Exchanges Amidst Depegging Incident

On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the decentralized exchange (dex) platform’s yield farming experience.
Pancakeswap Announces Version 3 Launch Date
Pancakeswap, the multichain dex platform, announced the launch of the program’s third iteration, called Pancakeswap v3. The application is set to go live during the first week of April on the Binance Smart Chain (BSC). The new application will include new features, such as improved liquidity provisioning, competitive trading fees, trading incentives, and an enhanced yield farming experience, all accessible from a user-friendly interface.
The decentralized finance (defi) protocol Pancakeswap v2 supports other blockchains like Aptos and Ethereum in addition to BSC. Over the last 24 hours, dex platforms recorded $1.47 billion in dex trade volume, and Pancakeswap v2 is the second-largest dex by trade volume. In the last day, the dex platform Pancakeswap v2 recorded $97,179,718 settled. The exchange offers a much larger quantity of coins compared to Uniswap’s 955 coins listed, as Pancakeswap provides trades with 3,223 tokens.
To celebrate the version three launch, Pancakeswap is offering an early supporter program with $135,000 worth of CAKE and a Pancakeswap v3 non-fungible token (NFT) to reward users. “We’re excited to continue our mission of bringing defi to everyone with the launch of Pancakeswap v3. The new features we’re introducing will offer our users an even better experience and help make defi accessible to more people than ever before,” said Mochi, the head chef of Pancakeswap, in a statement sent to Bitcoin.com News.

One of Pancakeswap’s competitors is Uniswap, the largest dex by trade volume over the last 24 hours. Uniswap recently announced the launch of a mobile application but hasn’t been given the green light by Apple. Other dex competitors include Sushiswap, Balancer, Trader Joe v2, and Shibaswap. Besides the $97 million in global trade volume, Pancakeswap has $2.49 billion total value locked, and $2.45 billion stems from the Binance Smart Chain (BSC) network. There’s also $29.72 million in Aptos locked and $17.27 million in Ethereum.
What are your thoughts on the launch of Pancakeswap v3? Let us know what you think about this subject in the comments section below.


On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the...

PancakeSwap price	$3.58
Low - High 24H	$3.54 - $3.76
Market cap	$654.44M
Volume 24H	$61.38M
All time high	$43.96 -91.85% April 30th 2021
All time low	$0.194441 1743.10% November 3rd 2020
Genesis date	N/A

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