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Uniswap Leapfrogs Ethereum in User Fees

Fri, 06/24/2022 - 08:30
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Alex Dovbnya
Decentralized exchange Uniswap has surpassed Ethereum in user fees due to an uptick in trading activity
Uniswap Leapfrogs Ethereum in User Fees
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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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As reported by U.Today, Uniswap surpassed $1 trillion in total trading volume last month. The exchange has logged $1.22 billion worth of trades over the past 24 hours.

Launched 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.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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