Despite the high transaction fees on the Ethereum (ETH) blockchain, people continue to flock to the network’s DeFi platforms.
Uniswap (UNI) surpassed the $ 10 billion mark for the first time in weekly transaction volume, according to statistics from Uniswap Analytics. This amount of 10.17 billion dollars indicates an increase of 26% compared to the previous week.
Decentralized exchanges (DEX) allow users to buy and sell their tokens without leaving the responsibility for their assets to a third party.
Uniswap is one of the original decentralized exchanges built on top of Ethereum. Users can buy and sell ERC20 tokens, a type of cryptocurrency using the Ethereum blockchain infrastructure.
Ethereum-based DEXs such as Uniswap and Sushiswap (SUSHI) continue to suffer from gas charges. To avoid these fees, users are also turning to DEXs such as PancakeSwap (CAKE) on the Binance Smart Chain. According to CoinGecko’s data, PancakeSwap exceeded $ 4 billion in the last 24 hours, while Uniswap remained at $ 1.8 billion. For this reason, the record level in Uniswap’s weekly transaction fee is extremely important for the platform. However, Uniswap still has major problems to fix.
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