On Wednesday, August 11, Uniswap, which is the leading decentralized exchange, surpassed $1 billion in fees for its liquidity providers since its launch last November 2018.
Based on analysts’ data, it became the first decentralized finance (DeFi) protocol with joint fee revenues of v3 Ethereum and v2 Uniswap mainnet deployments to surpass $1 billion.
This includes the fees generated from both v1 and v3 Uniswap deployment on Optimism.
An analyst said that about $1.02 billion was distributed to the liquidity providers of Uniswap since its creation last November 2018.
In contrast, the Bitcoin network has made $2.24 billion in fees since its launch last 2019.
While the DeFi-driven activity increase on the Ethereum network raised total revenue of $4.74 billion in six years.
However, the emergence of the Ethereum-powered game Axie Infinity came as the leading decentralized application (DApp) through fee revenue in the past weeks.
According to existing data, it drove $308.5 million in platform fees for the past 30 days. This equates to a daily average of about $10.3 million.
Moreover, the OpenSea, which is a famous nonfungible token (NFT) marketplace overtook Uniswap through fee revenue recently.
An analyst stated that the platform is making $4.2 million in fees every day. Meanwhile, Uniswap is representing $3.9 million in platform fees daily.
Also, the surging fame of Ethereum-based DApps resulted in $100 million worth of Ether that was being burned. Also, there are over 1,000 deflationary blocks mined in recent weeks.
This is due to the recent London upgrades of Ethereum which introduced a burn mechanism to the network’s fee market last August 5.
Now, Uniswap v2 is in second place behind 2,344 Ether ($7.5 million). Then, Axie Infinity followed with 1,805 Ether ($5.8 million) and Tether (USDT) came with 1,555 Ether ($5 million).
Crypto Prices, Uniswap Down 4.59%
Furthermore, the price of Uniswap fell 4.59% or 1.38 points to $28.78. It has a market capitalization of $28.78 billion with a 24-hour volume of $643.54 million.
The same with Bitcoin which crashed 1.83% or 843.36 points to $45,243.45. It has a market cap of $849.82 billion and a 24-hour volume of $37.23 billion.
Consequently, Ethereum fell 2.86% or 92.65 points to $3,137.49. It has a market capitalization of $367.20 billion with a 24-hour volume of $27.91 billion.
Also, Litecoin dropped 0.06% or 0.10 points to $170.86. It has a market cap of $11.67 billion with a 24-hour volume of $2.80 billion.
Meanwhile, Dogecoin gained 0.33% to $0.27 with a market cap of $35.33 billion and a 24-hour volume of $5.09 billion.