The Uniswap decentralized exchange (DEX) has hit a milestone in terms of fee generation, becoming the first DeFi protocol to reach $1 billion.
The achievement was retweeted by protocol founder Hayden Adams on Aug 11. The chart, which combines cumulative fee generation for Uniswap v2 and v3 was shared by Head of Research at IntoTheBlock Lucas Outumuro.
The breakdown shows that Uniswap v2 is still the more popular choice with more than three-quarters of the total. He noted that the figures were only accounting for fees on v2 and v3 on the Ethereum mainnet. The complete total including v1 and v3 on layer 2 scaling provider Optimistic Ethereum is around $1.02 billion.
Comparing to BTC and ETH
When asked about all-time fees generated for Bitcoin and Ethereum as a comparison, the researcher stated that BTC was $2.24 billion and ETH was $4.75 billion since it launched.
In terms of daily fees, CryptoFees is reporting that Uniswap has generated $3.89 million per day on average over the past seven days. Ethereum is way out in front, however, with an average daily fee generation over the last week of $18.9 billion.
In third place was Binance Smart Chain with an average daily fee count of $2.6 million. Bitcoin comparatively was down in sixth place with $568,000 generated per day on average.
It was in second place, however, as the OpenSea NFT marketplace had taken the top spot in terms of fee burning with 1,953 ETH burnt at the time of press. The surge in activity on the NFT platform may be down to heightened bot activity, as recently reported by BeInCrypto.
The dollar value of fees has increased over the past week with surging gas prices. Driven largely by NFTs, the average transaction cost on Ethereum is now around $20, its highest level since late May.
Etherscan’s gas tracker is reporting that more complex actions such as swapping tokens on Uniswap currently costs an unsustainable $26 on average.
UNI price outlook
Uniswap’s native UNI token has taken a tumble today, falling 5% on the day to $29 at the time of press according to CoinGecko.
UNI has made a whopping 48% over the past fortnight but is still down 47% from its all-time high of $45 on May 3.