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

Volumes on decentralized financial platform Curve Finance (CRV) are in a parabolic shape following the news that Paxos will stop issuing Binance USD (BUSD).

Curve Finance is a stablecoin-focused decentralized exchange (DEX) with some of the largest liquidity pools available in DeFi.

According to Blockchain Tracker DefilamaCurve Finance volumes surged to the third-highest level in its entire history earlier this week.

CurveFinance set a record high for the year with $1.07 billion in trading volume in the last 24 hours. It occurred shortly after the collapse of the

CurveFinance’s Twitter page also acknowledged the surge in activity, stating that “good drama produces good volume.”

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

The activity at Curve Finance appears to be related to traders shifting their capital to different stablecoin pools due to the uncertainty surrounding BUSD.

Curve Finance is also working on its own USD-pegged stablecoin known as crvUSD, white paper It was released late last year, but no release date has been given.

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

Don’t Miss a Beat Subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook and telegram

Surf The Daily Hodl Mix

Check out the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tina Ji/Plasteed