This has lifted the mechanized market maker to second spot above Bitcoin, which has generated revenue of only $3.10 million.
With $16.50 million as the daily fee generated, Ethereum outclasses all other major network in terms of fee generated daily. The network surpasses all other 30 blockchain networks put together, as per data provided by tracking page CryptoFees.
It seems the clout of Uniswap will last only for a short-time as the daily average fee generated by Bitcoin over the last seven days eclipses Uniswap by about 20%, with Bitcoin generating $4.15 million compares with $3.50 million of Uniswap.
The high fee of Uniswap is an outcome of Ethereum’s gargantuan gas costs, with mainnet transaction handling charge currently being $13.60 on average, as per BitInfoCharts. As per Etherscan, token swaps on Uniswap presently cost $33.68 on average.
Ethereum Gas Station has pointed out that Uniswap is the biggest user of gas in the crypto sector, generating a monumental $2 million as Ethereum gas fees in the last 30 days. By paving way for a revenue generation of $1.65 million in the same period, the Tether stablecoin takes the second place for gas consumption.
Such high costs have turned Ethereum based DeFi difficult for access by several new entrants into the DeFi sector, leading them to utilize cost effective substitutes such as the Binance Smart Chain based PancakeSwap DEX. Notably, PancakeSwap has already started grabbing the market share of Uniswap.