The world’s leading decentralized exchange, Uniswap, is currently outperforming Bitcoin’s daily fee generation by more than 50%.
According to data tracking website CryptoFees, the leading Ethereum-powered decentralized exchange Uniswap, fees worth more than $ 4.8 million have been generated in the past 24 hours. This put the automated market maker in second place ahead of Bitcoin – which only generated $ 3.1 million.
The top network by daily fees is Ethereum at $ 16.5 million – which outperforms the other 30 other networks that CryptoFees tracks collectively.
It appears that Uniswap’s dominance over Bitcoin is short-lived, as Bitcoin outperforms Uniswap by nearly 20% for daily charges averaged over the past seven days – with BTC $ 4.15 million versus $ 3.5 million from Uniswap presses.
Uniswap’s high fees are a product of Ethereum’s exorbitant gas prices. Mainnet transaction fees currently average $ 13.60, according to BitInfoCharts. According to Etherscan, token swaps at Uniswap currently cost an average of $ 33.68.
The ETH gas station reports that Uniswap is the biggest gas hog in the industry and has generated a whopping $ 2 million in Ethereum fees in the past 30 days. The tether stable coin ranks second in gas consumption at 1.65 million USD over the same period.
These high fees have made DeFi with Ethereum technology inaccessible to many newbies and have led some users to cheaper alternatives such as the Binance Smart Chain powered PancakeSwap DEX. As reported by Cointelegraph, PancakeSwap participates in Uniswap’s dominance of the market.