Following the recent lawsuits against two major cryptocurrency exchanges by the US Securities and Exchange Commission (SEC), many crypto users are turning to decentralized finance (DeFi). Decentralized exchanges (DEX) have seen a surge in volume, with Uniswap experiencing a 41% increase in daily transactions and PancakeSwap also seeing double-digit gains.

However, volumes among other DeFi platforms, such as decentralized lending protocols, have remained largely unchanged. Despite the regulatory actions, it appears that traders and investors are seeking refuge in DeFi protocols.