Traders turn to USDT as BUSD dominates heavily imbalanced Curve liquidity pool
Traders turn to USDT as BUSD dominates Curve’s highly imbalanced liquidity pool
The BUSD V2 dashboard shows that the stablecoin in combat accounts for roughly 81% of the $12.85M pool reserve, while USDT accounts for 4%.
The Binance USD (BUSD) V2 pool of the Curve pool is highly imbalanced and USDT Tether is favored by crypto traders.
BUSD V2 dashboard shows that the stablecoin in combat accounts for roughly 81% of the $12.85M pool reserve, while USDT accounts for 4%. The rest of the stablecoins in the pool – USD Coin (USDC) and DAI – make up the balance.
Chaineye cryptanalytic tool said BUSD dominance rose from 68.3% to 79.1% on February 13 following regulatory action against stablecoin issuer Paxos. 21 Shares Research Analyst Tom Wang. added that BUSD liquidity has decreased by $3 million.
Meanwhile, look at 3Pool’s dashboard – the largest liquidity pool on Curve – shows that crypto investors prefer USDT to other stablecoin options. According to the dashboard, USDT accounted for 21.47% of the reserve, USDC for 38.39% and DAI for 40.12% at press time.
Some analysts expressed concerns that recent regulatory action could affect the USDC issuer circle. However, Matrixport head of research Markus Thielen stated: Cryptooshala he doesn’t think regulators are directly targeting stablecoins.
Bursts in Curve Trading Volume
Meanwhile, according to DeFillama, Curve’s trading volume is up 900% to over $1 billion amid the growing war on stablecoins. data.
This is one of the protocol’s highest trading volumes after what was recorded in the midst of the FTX crash in November 2022.
Curv Finance has also entered the stablecoin scene with its USD-pegged overcollateralized crvUSD digital asset. DeFi protocol released White paper for the asset last year, and the community expectation his issuance.
The Curve CRV token is up about 14% over the past 24 hours to $1.09 before returning to its current level of $1.07 at press time. Cryptooshala data.
Credit : cryptoslate.com