Uniswap v3 exceeds v2 in daily trading volume, and both v2 and v3 exceed bitcoin in single-day fee revenue

Both versions of the world’s most popular DEX are now generating more single-day fee revenue than Bitcoin.

Uniswap v3 exceeds v2 in daily trading volume, and both v2 and v3 exceed bitcoin in single-day fee revenue

Uniswap, the world’s largest decentralized exchange, continues to grow, with the newly launched version, Uniswap v3, already surpassing v2 in daily trading volume.

In addition to v3’s daily trading volume surpassing v2, both versions are surpassing bitcoin in terms of single-day fees. Uniswap founder Hayden Adams observed the change and commented that both v3 and v2 are surpassing bitcoin miners in terms of daily fee revenue and weekly fee revenue.

Data from Cryptofees shows that on May 5, the day Uniswap v3 launched, v3 generated $4.5 million in fees, while v2 generated $3.8 million in fees. Bitcoin generated $3.7 million in fees that day, trailing both v3 and v2.

It’s great to see Uniswap v3 added to Cryptofees
v3 and v2 liquidity providers now have higher daily and weekly fee revenue than bitcoin miners

  • Hayden Adams (@haydenzadams) May 25, 2021
    At the time of writing, the site reports that Uniswap v3 has generated $4.1 million in transaction fees in the current 24-hour period, while v2 is in second place with $3.2 million. sushiSwap is the second largest DEX after Uniswap, generating $2.135 million in fees in 24 hours. Transaction fees for Bitcoin and Ether over the past 24 hours were not available, but the previous day Bitcoin generated $2.821 million in fees while Ether generated $28.71 million in fees.

Critics often blame Uniswap for Ether’s high gas fees, but the revenue figures are actually fees paid to liquidity providers, not gas fees.

According to Uniswap’s analytics page, in the last 24 hours, v3 has surpassed v2 in terms of daily trading volume at $1.48 billion, compared to $1.1 billion for v2. In terms of total locked-in value, v2 still dominates with $5.8 billion to v3’s $1.46 billion.

On May 20, Cointelegraph reported on Messari’s prediction that v3’s daily trading volume would surpass v2’s this month.

Uniswap’s success is so prominent that financial industry bible The Wall Street Journal took note of it, with its view that Uniswap and other similar DEXs pose a growing threat to Coinbase. a May 24 report said that Uniswap’s trading volume in April was $36.6 billion, compared to Coinbase’s 110 billion.

The report also added that Coinbase cited competition from decentralized exchanges as a potential business risk prior to its IPO last month.

It may not be an “either/or” scenario, but rather one in which “both sides” benefit. These applications and websites rely on Uniswap behind the scenes to drive transactions.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/uniswap-v3-exceeds-v2-in-daily-trading-volume-and-both-v2-and-v3-exceed-bitcoin-in-single-day-fee-revenue/
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