The leading decentralized exchange has recorded more volumes in August than it did in July.
Uniswap saw more than $300 million in trading volume over the past 24 hours and $2.5 billion in the last seven days, according to data on Dune Analytics.
Uniswap’s impressive volume is also putting smiles on Ethereum miners’ faces as they cash out more gas fees to process and verify transactions on the network.
According to data on EthGasStation, transactions on Uniswap spent more than 31,700 ETH, amounting to $12.7 million on gas fees over the last 30 days with an average of 118 GWEI.
Interestingly, a bulk of the gas fee related to Uniswap transactions comes from Tether USDT, considering the stablecoin is one of the primary tokens on the DEX. Tether also holds more than 12 percent of the total volume on the exchange, about $26 million.
The ETH25 leaderboard on EthGasStation suggests that the top 25 Ethereum-based projects and tokens have spent more than $40 million in gas fees in the last 30 days.
With Uniswap having the highest amount spent on fee, Tether takes the second place with $10.2 million paid at an average of 119 GWEI.
Other projects in the top 5 include alleged scam project SmartWay Forsage, an unnamed ETH address, and Nest Protocol, with each spending $3.36M, $1.70M, and $1.52M, respectively.
Since the DeFi space started booming in the second quarter of the year, gas fees on the Ethereum network have been on a meteoric rise, reaching a 2-year high in mid-August, which significantly increased miners’ revenue. BitinfoCharts revealed that the average transaction fee was as high as $6.6 on Aug. 13.
A report published two weeks ago confirmed that the DeFi boom is majorly responsible for the spike in Ethereum’s gas fees.
The high transaction fees made it very expensive to transfer smaller amounts of DeFi tokens, thus suggesting that DeFi is for whales. As CryptoPotato reported on Aug. 11, a small transfer of $40 required a gas fee of about $43, which is impracticable.
Nonetheless, the Ethereum gas fee has reduced significantly by more than 65 percent. At the time of writing, the average transaction on the network cost $2.3, according to BitinfoCharts.
The article was first published on: Aug 28, 2020