Uniswap Becomes the First Protocol to Surpass $1 Billion in Fees

While non-fungible token (NFT) mania might have taken over Uniswap as the biggest gas guzzler on the Ethereum network but it is still in the top three and has now become the first protocol to surpass billion dollars in fees.

The popular DEX only comes second to Ethereum when it comes to earning fees.

In the past 24 hours, Ethereum led with over $24 million in fees followed by Uniswap’s $3.4 million, as per CryptoFees. Moving down comes BSC at $2.67 million, Aave at $1 million, SushiSwap’s $957k, and then Bitcoin network, which is earning 633k. The weekly picture is pretty much the same.

So, this makes sense that Uniswap will come at the top and be the first to jump the billion-dollar milestone.

Uniswap is the leader in the DEX space, currently has 69.4% of its market share, with SushiSwap coming in second at 10% share.

It is currently handling over $14.5 billion weekly volume and $1.68 billion in daily volume. Uniswap is also the only DEX with the number of traders in six figures at 133,733, with 1inch coming in second at just 33,721 number of traders using the platform.

When it comes to ETH burns, Uniswap is the second biggest contributor, accounting for a total (V2+ V3) of 2,845 ETH burns. NFT marketplace OpenSea is the biggest ETH burner at 3,363 ETH, according to Dune Analytics.

So far, 26,826 ETH worth $81 million has been burned.

The governance coin UNI is also enjoying an uptrend along with the rest of the crypto market, up 40.5% in the past week and 60.6% in the past two weeks. Trading above $30, as of writing, UNI is still down 33.2% from its all-time high of nearly $45 three months back.

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