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


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.”

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.

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Tina Ji/Plasteed


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular