Uniswap has now generated more than $1B in fees for liquidity providers
Uniswap, Lending Decentralized exchange has become the first DeFi protocol to create more than $1 billion worth revenue from its fees for liquidity.
Uniswap has generated more than $1 B fees since its launch in November 2018.
Head of research at crypto data aggregator IntoTheBlock, Lucas Outumuro tweeted on Tuesday about the fees revenues of Uniswap’s v2 and v3.
This is only accounting for fees on v2 and v3 on Ethereum mainnet. Actual total including v1 and v3 on Optimism is ~ $1.02B
— Lucas Outumuro (@LucasOutumuro) August 10, 2021
By contrast, IntoTheBlock’s data indicates that the Bitcoin network has created $2.24 B in fees since its 2009 launch, while the DeFi-driven surge in activity on Ethereum has generated its total fee revenue to $4.74 B in 6 years.
As per the to Token Terminal, emerging Ethereum-powered game Axie Infinity has driven $308.5 M in platform fees in the past month.
As per the report of Dune Analytics, popular NFT marketplace OpenSea also appears to have overtaken Uniswap by fee revenue recently, with the platform generating $4.2 million in fees daily. CryptoFees says Uniswap represents $3.9 M in daily platform fees.
On 5 Aug, With Ethereum’s currency London upgrades introducing a burn mechanism into the network’s fee market, the surging popularity of Ethereum-based DApps has resulted in $100 million worth of Ether (ETH) being burned and more than 1,000 deflationary blocks being mined over the past week.
Uniswap v2 ranks second with 2,344 ETH ($7.5 million), followed by Axie Infinity with 1,805 ETH (nearly $5.8 million), and Tether (USDT) with 1,555 ETH.
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