Ethereum – The Defendant – Unisap’s top in terms of daily fees
There is always a bull market somewhere.
Today, it could be anywhere Uniswap, one of DeFi’s most recognized decentralized exchanges.
With a 24 4.3M fee generated in the last 24 hours, Uniswap has surpassed its home network, Ethereum, until June 20. In fact, Decentralized Exchange (DEX) has risen to the top of CryptoFees’ leaderboards.
Significantly, 100% of Uniswap fees go to Liquidity Providers (LPs), users who accumulate assets and incur temporary losses. Thus, while DEX’s UNI token has risen 7.2% in the last 24 hours, its holders do not receive a fraction of the cash flow, which pays a fee to users when switching to digital assets.
Nevertheless, as the leading base layer for DeFi and other smart contract-enabled activities, it is noticeable whenever Ethereum leads in creating a protocol fee.
Multiple installations
Fees are scattered across multiple Uniswap deployments, with DEX’s V3 iteration on the mainnet going to just over 90% LP, allowing LPs to deliver concentrated liquidity within a certain price range.
Uniswap has rarely accelerated Ethereum since Protocol V2 was launched in May 2020. Uniswap V2 has been adopted as a 0-to-1 moment because it allows any ERC20 token to be linked to each other instead of just the ERC20-ETH pair.
Of course, profitable fees have come at a time of great turmoil for crypto and world markets, driven by quantitative tightening (QT) between rising interest rates and rapid rise in inflation – some people are undoubtedly trading from speculative assets and into stablecoins.
Nevertheless, a frustrating year for digital asset prices, as has been evident, continues to work.
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