Uniswap Surpasses $1B In Fees For Liquidity Providers

Uniswap is the leading decentralized exchange platform. It is the first DeFi protocol ever that has generated more than $1 billion in platform fees for all the liquidity providers. Lucas Outumuro is the head of research at crypto data aggregator IntoTheBlock. On the 10th of August, he posted a chart on Twitter showing that Uniswap’s cumulative commission income for deployment on Ethereum v2 and v3 exceeded $1 billion. Lucas Outumuro pointed out that combining the fees generated by both Uniswap v1 and its v3 deployment on Optimism as well; Uniswap’s liquidity providers have allocated approximately US$1.02 billion since November 2018 when the agreement was formulated. Moreover, the data from IntoTheBlock tells that the Bitcoin network has incurred $2.24 billion in fees since its establishment in 2009. The activation of DeFidriven on Ethereum has also increased its total fee income to $4.74 billion in six years.

But, the fast-growing Ethereum-based game Axie Infinity has become the DApp with the highest commission revenue in recent weeks. According to data from Token Terminal, this game has earned USD 308.5 million in platform fees in the past 30 days. It has an average daily income of nearly USD 10.3 million. Besides that, the popular NFT market OpenSea’s recent commission income seems to have surpassed that of Uniswap. This was according to the data provided by Dune Analytics. The platform currently generates $4.2 million in fees per day. Now, according to CryptoFees, Uniswap represents a daily fee of $3.9 million.

On August 5, Ethereum’s recent London upgrades introduced a burn mechanism for the network fee market. The increasing popularity of Ethereum-based DApps in the past week has caused $100 million worth of Ether to be burned. Moreover, over 1,000 deflationary blocks were also mined at the same time. At present, according to data from Ultrasound Money, in terms of burn rate, OpenSea ranks as the leading Ethereum DApp since London went live. That is when 3,918 Ether which was worth $12.5 million were destroyed. Uniswap v2 ranks second with 2,344 Ether ($7.5 million). It is then followed by the Axie Infinity game with 1,805 Ether (nearly $5.8 million). And lastly, Tether ranks third with 1,555 Ether ($5 million).

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