The Uniswap decentralized exchange has created a new record as the first decentralized finance (DeFi) platform to generate over $1 billion worth of fees for liquidity providers. The record was announced by IntoTheBlock head of research, Lucas Outumuro.
Lucas specified that since the protocol kicked off in November 2018, it has distributed about $1.02 billion to Uniswap liquidity providers. This number includes fees from Uniswap v1 and v3.
This is a big feat, easily recognizable when compared with the Bitcoin network. According to IntoTheBlock data, Bitcoin has generated more fees ($2.24 billion) than Uniswap has. However, Bitcoin’s figure is since the network’s launch in 2009.
While Uniswap is the largest overall, the crown for the highest amount of fees in recent weeks goes to the Ethereum game, Axie. Blockchain financial metrics tracker, Token Terminal, revealed in the last 30 days, Axie fees hit $308.5 million, with $4.2 million daily. Uniswap’s daily figure is lower, at $3.9 million.
Back in March, UNI entered the coveted top 10 list of the market’s largest crypto. At the time, it hit a $14.71 billion market cap, pushing Litecoin (LTC) off the 8th position. As of press time, UNI is still on the list, but at the 10th position. Since March, the market cap has jumped to $16.28 billion.
Image Credits: Pixabay
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