HomeAltcoinEthereum-Based DeFi Platform Sees Massive 900% Increase in Trading Volume After Regulators...

Ethereum-Based DeFi Platform Sees Massive 900% Increase in Trading Volume After Regulators Target BUSD

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Trading volume on decentralized finance platform Curve Finance (CRV) is going parabolic following the news that Paxos will stop issuing Binance USD (BUSD).

Curve Finance is a decentralized exchange (DEX) focused on stablecoins and has some of the largest liquidity pools available in DeFi.

According to the blockchain tracker defillamaCurve Finance volume shot up to the third highest level in its history earlier this week.

‚ÄúCurveFinance has recorded a transaction volume of $1.07 billion in the last 24 hours, marking a new high for the year. Only two other days in their history have seen higher volume, and both occurred immediately after the FTX crash.”

Source: DefiLlama/Twitter

CurveFinance’s Twitter page also acknowledged the explosion in activity, saying that “good drama generates good trading volumes.”

Image
Fountain: Curve.Finanzas/Twitter

Just before the platform’s trading volume increased, Paxos, which issues and trades BUSD in partnership with Binance, was ordered by the New York Department of Financial Services (NYDFS) to freeze production.

Activity on Curve Finance appears to be tied to traders switching capital to different stablecoin groups due to the uncertainty surrounding BUSD.

Curve Finance is also working on its own USD-pegged stablecoin known as crvUSD, for which it published a whitepaper late last year, but no release date has been given.

Curve Finance’s governance token CRV has also turned green in the past day, currently up 6% in the last 24 hours and trading at $1.07.

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Featured Image: Shutterstock/Tina Ji/Plasteed

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