Uniswap as First DeFi Protocol Generating $1B in Fees

Hayden Adams, the Protocol founder, on Aug 11, wrote a tweet about the achievement. Lucas Outumuro, Head of Research at IntoTheBlock, shared the chart, which combines total fee generation for Uniswap v3 and v2.

The breakdown reveals that Uniswap v2 seems a more popular choice with a total of more than three-quarters. He remarked that the figures were only considering fees on the Ethereum. The total capacity, including Optimistic Ethereum, is about $1.03 billion.

Comparing to BTC and ETH

the researcher said that BTC was $2.25 billion while ETH was $4.76 billion since its launch after they asked to compare fees generated for Bitcoin and Ethereum.

According to CryptoFees, in terms of daily fees, Uniswap generated an average of $3.89 million per day. They calculate it in the past week.

Ethereum seems in front with an average daily fee generation in the last week showed $18.8 billion.

Binance Smart Chain was in third place with an average daily fee count of $2.7 million. Bitcoin was in sixth place, approximately down, on average, with $569,000 generated per day.

Ultrasound money reported that Uniswap burnt around 1,054 ETH worth of $3.29 million at current prices in the past week after the deployed London upgrade.

However, it moved in second place after the OpenSea NFT marketplace took the top spot with 1,954 ETH burnt. The increase of the activity on the NFT platform might decrease again, as BeInCrypto reported recently. The dollar value of fees doubled in the prior week with rising gas prices. Driven mainly by NFTs, the average transaction price on Ethereum now shows about $25, which is its highest level since May.

Etherscan’s gas tracker reported that swapping tokens on Uniswap currently has a price of an unsustainable $27.

UNI price outlook

According to CoinGecko, today, Uniswap’s native UNI token took a tumble by falling 6% to $28 at the time of press.


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