Analysis

The 3Pool on Curve.fi has experienced fluctuations in activity and liquidity composition since the USDC depegging event on March 11th. Prior to the event, the pool's activity was at a higher level, but it has since declined to levels similar to those leading up to the event. The pool now sees less than 10 users per day swapping between $100,000 and $5 million most days. In terms of liquidity, during the USDC depegging event, the amount of USDT in the pool dropped dramatically from over $200 million to less than $17 million. Since then, the percentage of USDC in the 3Pool has increased from 3% of the pool to about 20% of the pool. However, this is still significantly lower than the 30% it accounted for leading up to the event, indicating that the pool has not yet fully recovered its balance from the events on March 11th. It is worth noting that the pool's USDT composition was at 33% on April 22nd, but it has since declined considerably, albeit not as significantly as before. This change in liquidity composition within the 3Pool demonstrates the lasting impact of the USDC depegging event on the broader DeFi ecosystem. In conclusion, the 3Pool on Curve.fi has faced a decline in activity and shifts in liquidity composition since the USDC depegging event. The pool has not yet fully recovered its balance, as evidenced by the changing percentages of USDC and USDT within the pool. On-chain analysts should continue to monitor these trends to better understand their implications for the DeFi ecosystem and to identify potential investment opportunities that may arise from these market dynamics.

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