Uniswap surpasses Bitcoin on daily revenue for two days in row
Leading DEX Uniswap has surpassed Bitcoin in terms of daily fee generation for two days in a row.
The fee was noted by crypto-blogger Evan Van Ness citing figures from CryptoFees, a website that lists and counts daily fees generated by the top blockchain networks.
Uniswap founder Hayden Adams shared the news about the milestone stating:
“Uniswap v2 LP fees finally passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3,”
After the news, several critics immediately pointed the reason behind it to high gas fees on Uniswap. Adams described that revenue in question was actually swapping fees paid to liquidity providers rather than gas fees. In fact he said gas fees in ETH generated by Uniswap are exponentially bigger than Bitcoin’s transaction fees.
The biggest decentralised exchange has now surpassed Bitcoin for two days in a row for liquidity provider fees. The 7-day average for the decentralized exchange is also now higher, which is $5.9 million compared to bitcoin’s $5.3 million
However Ethereum is way ahead of both Uniswap and Bitcoin with a daily fee count of close to $90 million, and that is exactly due to skyrocketing gas costs.
Adams also stated that Ethereum layer-2 scaling is much needed, adding that Uniswap users alone have spent approximately $42 million on gas fees. He said, “this is almost 5X what was spent on Bitcoin network fees during the same period”.
While Uniswap rolled out version 3, There was a flurry of complaints from users as gas fees appeared to be even higher than the previous iteration of the platform.
Average gas prices have skyrocketed to a record high of $68 according to Bitinfocharts. Eth Gas Station is reporting that gas costs for more complex operations such as smart contract interactions or DEX token swaps are currently over $200.