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Uniswap Leapfrogs Ethereum in User Fees

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Fri, 24/06/2022 - 8:30
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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