The world’s first decentralized exchange, Uniswap currently exceeds Bitcoin’s daily commission generation by more than 50%.
According to data tracking website CryptoFees, Ethereum’s large decentralized exchange, Uniswap has generated more than $ 4.8 million in commissions in the past 24 hours.
This put the automated market maker in second place ahead of Bitcoin, which only generated $ 3.1 million.
The first network in terms of daily commissions is Ethereum with $ 16.5 millionThis surpasses the other 30 networks analyzed by CryptoFees.
However, it appears that Uniswap’s dominance over Bitcoin may be short-lived as Bitcoin has outperformed Uniswap in average daily fees by nearly 20% in the past seven days;; BTC hit $ 4.15 million versus $ 3.5 million at Uniswap.
Uniswap’s high fees are a product of Ethereum’s exorbitant gas prices. According to BitInfoCharts, transaction fees for the mainnet are currently averaging $ 13.60. According to Etherscan The token exchange at Uniswap currently costs an average of $ 33.68.
The ETH gas station reports that Uniswap is the biggest gas hog in the industry and has generated fees of a whopping $ 2 million from Ethereum in the last 30 days. Stablecoin Tether ranks second in gas consumption. During the same period, US $ 1.65 million was generated.
These high fees have made DeFi with Ethereum support inaccessible to many newbies and have led some users to cheaper alternatives like the DEX PancakeSwap, which is powered by Binance’s Smart Chain. As Cointelegraph reports, PancakeSwap is eating away at Uniswap’s dominance.
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