In a surprise twist, Uniswap -- the world’s biggest decentralized crypto exchange -- is now generating more in user fees than Ethereum, the blockchain where it got its start.
Over the last seven days, Uniswap’s average total user fees have grown to about $4.1 million, surpassing Ethereum’s $3.9 million, according to data tracker Crypto Fees. Ethereum has usually been the bigger money-maker, hosting thousands of projects -- including Uniswap -- that pay so-called gas fees to conduct transactions on its blockchain. To put this in perspective, on Jan. 1, Ethereum earned nearly 10 times more fees than Uniswap, data from Crypto Fees shows.
“When combined with heightened volatility over the last few weeks, Uniswap volumes and therefore fees have increased heavily as trading has picked up everywhere,” said Katie Talati, director of research at Arca, a crypto and blockchain-focused asset manager. The firm does not disclose whether it owns Uniswap’s Uni token.
The uptick in trading comes in...
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