Uniswap overtakes Ethereum in fees; DeFi Outshining again
tgUniswap overtakes Ethereum in fees; DeFi Outshining again
Uniswap is currently outperforming its host blockchain, Ethereum after the last week of constant bearish trend. The overtaking of Ethereum in fees came in after Uniswap’s acquisition of NFT Marketplace aggregator Genie. Uniswap extended their products to include both ERC-20 and NFTs.
DeFi outshining again
Decentralized exchange Uniswap has surpassed its host blockchain, Etherum in fees. The upward movement came after the surge in DeFi demand. Decentralized platforms have experienced surge in fees paid in the last seven days.
According to data from Crypto Fees, the average daily fees earned from daily trades on Uniswap between 15 and 21 June is $4.87 million. Whereas the same for Ethereum was $4.58 million. Uniswap and other DeFi platforms have experienced a massive surge in activity. This clearly shows there is high demand for DeFi despite the bearish phase.
Uniswap and several DeFi platforms have seen a surge recently. Data shows there is strong investor demand for several DeFi platforms.
Uniswap’s adavanced V3 protocol accounted for major share of the total fees, in tune to $4.4 million. Alongwith Uniswap, fees paid on AAVE and Synthetix have seen a rise too. There is high demand for native tokens such as Compound too.
AAVE is another platform that saw a surge in fees by an increase of 69% and its native token Aave has gained 22% since 15th June. Synthetix saw a whopping gain of 928% in fees paid between June 11 and June 13. The total fees have crossed the figure of 1 million by June 19.
Ethereum is home to majority of DeFi platforms. Uniswap is a P2P exchange platform which facilitates exchange of Ethereum based tokens in a decentralized way. It facilitates transactions through Smart Contract. Since Uniswap runs on Ethereum and the latter is considered highly expensive, most popular platform for DeFi, outperforming Ethereum is big.
Uniswap’s acquisition of NFT marketplace aggregator Genie
Uniswap is expanding its product offerings. Since the acquisition of NFT aggregator Genie, it has included digital collectibles and art for trading too. It will soon integrate NFTs with the web app making it a comprehensive platform for users and builders alike. According to their Tweet, this acquisition is in pursuit of mission to unlock universal ownership and exchange.
Uniswap has risen 17.4 per cent in the last seven days due to their acquisition, data source CoinGecko. Experts believe Uniswap has entered bullish territory after breaking past $4.57 resistance level. The next levels are $7.50 and $9.80.
