Web3 wallet provider metamask swap volume hit an all-time high over the weekend as the collapse of US Silvergate and Signature banks shocked the industry.
“There is a lot of speculative panic. People aren’t sure what to trust. And everyone seems to want something stable,” he said. People were “making pretty big moves in response to this situation.”
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Circle, which issues USDC, on Friday, shut down by state regulators Silicon Valley BankHe announced that he had a reserve of 3.3 billion dollars in . Some relief came on Sunday when regulators announced that any deposits would be fully protected.
People were betting, they were afraid that some of the stablecoins would crash. Even DAI has dropped because most of its support is now in USDC.
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Koinfinans.com As we reported, Finlay also underlined that Metamask has earned approximately $1.5 million from swap fees as its volume has increased.
“People are making new investments, in many cases people are cryptocurrencyfleeing to them. Every time one of these systemic shocks happens, we see people looking at it again and saying, ‘hey, wait, this is holding up’.”
According to Finlay, while these systemic risks are generally bad, they can create new opportunities in the cryptocurrency world.
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