SVB Implosion Dampens NFT Trading, Boosts DeFi Transactions: DappRadar
The implosion of Silicon Valley Bank (SVB) last week caused a frenzy of decentralized finance (DeFi) transactions, according to DappRadar. The news led to a significant drop in DeFi's total value locked (TVL), falling by 9.6% from $79.28 billion to $71.61 billion. However, the market stabilized after USDC reserve deposit held at SVB was fully available to the public, leading to a 13% spike in DeFi TVL, reaching $81.15 billion. Uniswap V3 was behind the surge in activity, with a volume of $14.4 billion, the highest figure ever registered for V3.