The decentralized exchange Uniswap announced on March 11 it had hit its highest daily volume ever — totaling $11.84 billion.

The exchange more than doubled its all-time high in November 2021 — marking a significant milestone for the decentralized protocol, according to Dune analytics.

@Uniswap at almost $12b in daily volume, hitting 11 digits for the first time ever!!!

I don’t often tweet volume milestones anymore but that’s over 5% of Nasdaq https://t.co/ZUszhiUNPu

— hayden.eth (@haydenzadams) March 12, 2023

Uniswap volume spike

Trading on the Uniswap protocol was led by the USDC de-pegging event that took place over the weekend following the collapse of Signature, Silvergate and Silicon Valley Bank.

On March 12, Treasury Secretary Janet Yellen went on CBS’s Face the Nation to address the challenges facing the financial system.

“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out […] and the reforms that have been put in place means we are not going to do that again.”

In response to these events, the Circle-issued stablecoin USDC briefly de-pegged from its $1.00 mark over the weekend.

USDC pools for wrapped ether (WETH), tether (USDT), and dai (DAI) processed $15 billion in volume over a seven-day period — with the majority occurring between March 10 and March 12, according to Dune Analytics.

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