The top decentralized exchange in the world, Uniswap, has managed to beat Bitcoin’s daily fee generation by over 50%.
According to data from CryptoFees, the leading ETH-powered decentralized exchange Uniswap has gone to generate over $4.8 million worth of fees in the previous 24 hours. This places it into second place, above Bitcoin, which only went on to generate $3.1 million.
The top network by daily fees continues to be Ethereum, which has managed to generate $16.5 million. This means that it surpasses all of the other networks in the top 30 combined.
But it is very likely that this dominance over Bitcoin is not here to stay, as a result of the fact that Bitcoin is beating out Uniswap when it comes to daily fees averaged for the previous seven days by close to 20%. As a result, Bitcoin is getting closer to $4.15 million, while Uniswap will only reach $3.5 million.
The high fees registered by Uniswap are a direct product of the extremely high gas prices for Ethereum, which currently has a mainnet transaction fee of $13.60 on average. On Uniswap, the average token swaps cost $33.68.
Uniswap is considered to be the largest gas guzzler in this industry, as it managed to produce over $2 million in ETH fees in the previous month.
The high fees registered by Ethereum have made it inaccessible to many, so people have turned their attention to cheaper options, like the Binance Smart Chain-powered PancakeSwap Dex, which is already taking a share out of the market dominance of Uniswap.