DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
The United States Securities and Exchange Commission’s (SEC) lawsuits against two leading centralized crypto exchanges — Binance.US and Coinbase — have led to a surge in DeFi trading volume over the past week.
While SEC’s enforcement action against centralized exchanges has hogged the headlines, the securities regulator is actively pursuing cases against the decentralized exchange (DEX) ecosystem as well. Crypto venture capital firm Paradigm has slammed the SEC’s approach, reiterating that DEXs are not securities exchanges.
In another legal battle, a U.S. district court has dismissed a lawsuit against DeFi protocol PoolTogether. The community behind the protocol had funded its legal defense through a $1.4 million nonfungible token (NFT) sale in 2022.
The DeFi market had a bullish start to June, but the momentum didn’t last long due to the SEC enforcement action in the second week. Most of the top 100 DeFi tokens traded in the red, with the total value locked falling below $50 billion again.
The median trading volume across the top three DEXs jumped 444% in the past 48 hours as crypto investors reeled from the SEC’s recent legal actions against centralized cryptocurrency exchanges Coinbase and Binance.
According to aggregated data from CoinGecko, total daily trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BNB Smart Chain) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7.
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