Uniswap surpassed Bitcoin for two consecutive days in total daily transaction fee.
Cryptocurrency blogger Evan Van Ness evaluated the figures from CryptoFees, a website that compares the daily fees generated by the largest blockchain networks, and stated that transaction fees are skyrocketing.
Uniswap has fully flipped #Bitcoin in fees
Wouldn’t surprise me if market caps were
in the future. pic.twitter.com/iNUe7Jmw9c
– Evan Van Ness (@evan_van_ness) May 11, 2021
Uniswap founder Hayden Adams, reported this critical development on social media. shared as follows:
“Uniswap v2 LP charges finally exceeded Bitcoin network charges on the 7-day average. [Cryptofees] If it was also following the v3 version, the difference would be even greater. “
At the time of writing this article, it was stated that Uniswap has generated a fee of $ 7.1 million in the last 24 hours compared to Bitcoin’s $ 4.6 million transaction fee, according to the information on the website.
While many critics say this is due to Uniswap’s high Gas fees, Adams pointed out that the income in question was actually made up of fees paid to liquidity providers rather than Gas fees. In fact, he said, the Gas fees on ETH generated by Uniswap are many times higher than Bitcoin’s transaction fees.
This is swapping fees paid to LPs
Not Ethereum network fees paid to Ethereum miners (the high fees people are upset about)
— Hayden Adams (@haydenzadams) May 11, 2021
According to the site, Uniswap overtook Bitcoin for two days in a row on liquidity provider fees. The 7-day average of the decentralized exchange is at $ 5.9 million and is higher than Bitcoin, which is $ 5.3 million.
But Ethereum is ahead of both Uniswap and Bitcoin, with a daily fee of close to $ 90 million due to record high Gas costs.
A separate tweetStating that Ethereum second-tier scaling is very needed, Adams said today that Uniswap users alone spend about $ 42 million on Gas fees.
Average Gas prices jumped to a record high of $ 68, according to Bitinfocharts. ETH Gas Station reported that Gas costs are currently over $ 200 for more complex transfers such as smart contract interactions and decentralized exchange (DEX) transactions.