Uniswap has now generated more than $1B in fees for liquidity providers
More than $1 billion in fees have been generated for Uniswap’s liquidity providers since its November 2018 launch.
On August 10, Lucas Outumuro, head of research at crypto data aggregator IntoTheBlock, shared a chart to Twitter showing that the combined fee revenues of Uniswap’s v2 and v3 Ethereum mainnet deployments have surpassed $1 billion.
By contrast, IntoTheBlock’s data shows that the Bitcoin network has generated $2.24 billion in fees since its 2009 launch, while the DeFi-driven surge in activity on Ethereum has raised its total fee revenue to $4.74 billion in six years.
However, the surging Ethereum-powered game, Axie Infinity, has emerged as the leading DApp by fee revenue in recent weeks. According to Token Terminal, Axie has driven $308.5 million in platform fees over the past 30 days, equating to a daily average of nearly $10.3 million.
According to data from Dune Analytics, popular NFT marketplace OpenSea also appears to have overtaken Uniswap by fee revenue recently, with the platform generating $4.2 million in fees daily. According to CryptoFees, Uniswap represents $3.9 million in daily platform fees.
With Ethereum’s recent London upgrades introducing a burn mechanism into the network’s fee market on August 5, the surging popularity of Ethereum-based DApps has resulted in $100 million worth of Ether being burned and more than 1,000 deflationary blocks being mined over the past week.
Uniswap v2 ranks second with 2,344 Ether ($7.5 million), followed by Axie Infinity with 1,805 Ether (nearly $5.8 million), and Tether with 1,555 Ether ($5 million).