In light of recent internet shutdowns in Iran and the hacking of the Nobitex platform, decentralized exchanges (DEXs) have demonstrated significant increases in user activity.
Surge in DEX Fees
According to data from DeFiLlama, from June 18 to 19, PancakeSwap, Meteora, Uniswap, and Pump reported over $2 million in user fees within 24 hours. PancakeSwap led the charge with $13.6 million, confirming the growing interest in decentralized platforms amidst instability.
Decrease in BTC Reserves on Binance
Data shows that Bitcoin reserves on the Binance platform have dropped from 595,000 BTC in April to 544,000 BTC this week, indicating a net outflow of over 50,000 BTC. Meanwhile, stablecoin balances have reached nearly $31 billion, indicating heightened caution among users.
The Role of Stablecoins in the Current Situation
Despite the rise in DEX fees, Tether and Circle remain the top revenue generators, pulling in $19.9 million and $6.4 million daily, respectively. These earnings primarily come from yields on assets such as short-term U.S. Treasuries.
Recent developments in Iran illustrate how cryptocurrency users are adapting their strategies, shifting from centralized platforms to decentralized ones. This transition highlights the importance of self-custodied tools in the face of global instability.
