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Block.one CEO Brendan Blumer Slams Ethereum-based DEX Uniswap (UNI). Why?

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Fri, 02/05/2021 - 13:57
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Vladislav Sopov
Responding to latest statistical data about Uniswap (UNI) and SushiSwap (SUSHI), the most popular Ethereum-based DEXs, Mr. Blumer shares some concerns
Block.one CEO Brendan Blumer Slams Ethereum-based DEX Uniswap (UNI). Why?
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Brendan Blumer, CEO and cofounder of Block.one development company behind EOS.IO open-source software, explained what is wrong with Uniswap (UNI) and SushiSwap (SUSHI)and which solution is better for digital finances.

Uniswap, a DeFi for "large tokenholders"

Meltem Demirors, chief strategy officer at Coinshares investment firm, shared on Twitter statistics about the insane fees collected by two major Ethereum-based decentralized exchanges, Uniswap (UNI) and SushiSwap (SUSHI). According to her data, the two DEXs witness $2 billlion per day in trading volume and generate $6,100,000 per day in trading fees.

Meltem Demirors: Uniswap and Sushiswap combined process $2B in trading volume per day
Image via Twitter

As a response to her tweet, Mr. Blumer admitted that Uniswap (UNI) makes massive authorization of "spam transactions" profitable for large tokenholders. They can boost their gains by increasing the price of UNI, the core native asset of Uniswap decentralized exchange.

Also, according to Mr. Blumer, Uniswap (UNI) can be utilized to exit "dirty" Ethereum-based assets due to its patented KYC-AML neutrality.

As such, he is sure that "ProFi," fully compliant programmable financial instruments, will be a good alternative for Uniswap (UNI) and Sushiswap (SUSHI) in the future.

Ethereum (ETH) fees go ballistic yet again

Such monstrous fees generated by Ethereum-based services should be attributed to rocketing USD-denominated gas prices on the Ethereum (ETH) blockchain.

As covered by U.Today previously, hand-in-hand with the ongoing upsurge of Ethereum (ETH) prices, both median and average fees printed new all-time highs on Ethereum (ETH).

Related
With ETH Price Over $1650, Gas Fees Go Ballistic. What's the Solution?

Today, former Monero (XMR) lead maintainer Riccardo Spagni shared a screenshot of Metamask plug-in displaying an attempt to stake one in-game non-fungible-token (NFT) on Ethereum.

It is worth $260 to stake Ether-based NFT right now
Image via Twitter

According to Mr. Spagni, on Feb. 5, 2021, it takes the breathtaking sum of more than $260, or 0.15 Ether, to authorize such a transaction due to heavy network overload.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)