Uniswap is first DeFi protocol to generate $1 billion in fees

The Uniswap decentralized exchange (DEX) reached an historic milestone, becoming the first DeFi protocol to reach $1 billion in rate generation.

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The achievement was retweeted by the protocol’s founder, Hayden Adams, on Wednesday (11). The graph, which combines the generation of cumulative rates for Uniswap v2 and v3, was shared by the head of research at IntoTheBlock, Lucas Outumuro.

The analysis shows that Uniswap v2 is still the most popular choice of users, with more than three quarters of the total. He also noted that the numbers only account for v2 and v3 rates on the Ethereum Core Network (ETH). The grand total, including v1 and v3 on tier 2 scaling provider Optimistic Ethereum, is about $1.02 billion.

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When asked about the history of fees generated compared to Bitcoin and Ethereum, the researcher said that the BTC was US$ 2.24 billion and the ETH US$ 4.75 billion since their launches.

In terms of daily fees, the CryptoFees website points out that Uniswap generated $3.89 million a day, on average, over the past seven days. Ethereum as a whole is way ahead, with an average daily fee generation of $18.9 billion last week.

Third place went to Binance Smart Chain, with a daily average of $2.6 million. Bitcoin dropped to sixth place, averaging $568,000 generated per day.

Ethereum ultrasound.money rate burn tracker indicates that Uniswap has burned 1,053 ETH, worth about $3.28 million at current prices in the week since the London update was deployed.

DEX was in second place, however, as OpenSea’s NFT marketplace took first place in terms of fee burns, with 1,953 ETH burnts as of this writing. Increased platform activity can be caused by increased bot activity.

The dollar value of the fees rose last week as the prices of these fees increased. Driven largely by NFTs, the average transaction cost on Ethereum is now around $20, its highest level since late May.

Etherscan’s fee-burning tracker, on the other hand, reveals that more complex actions, like trading tokens at Uniswap, currently cost an unsustainable $26 on average.

UNI token price

Uniswap’s native token, UNI, is falling this Thursday morning (12), devaluing 5% when trading at US$ 29 at the close of this article, according to CoinGecko.

UNI has had a whopping 48% rise in the past two weeks, but is still 47% below its historic high of $45, reached on May 3rd.

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