Uniswap, the largest decentralized exchange, has surpassed the Ethereum network in fees, according to a Bloomberg report.
The flagship DEX generated over $4 million, racing ahead of the second-largest blockchain.
Arca analyst Katie Talati attributes the recent milestone to rapidly growing volatility, which caused a significant uptick in trading volumes.
At the same time, Ethereum has experienced a sizeable decline in user activity, with layer-2 solutions becoming increasingly popular because of cheap fees.
In December 2021, Uniswap v3 contracts were deployed on Polygon. Prior to that, the decentralized exchange was also launched on Arbitrum.
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Alex DovbnyaLaunched back in 2018, the automated market maker came into prominence in mid-2020 during the peak of the decentralized finance craze.
The trading platform has faced plenty of criticism for facilitating the proliferation of scam tokens. In April, a North Carolina resident slammed Uniswap and its venture capital backers with a class action lawsuit for “rampant fraud.”
Dan Burgin
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Vladislav Sopov