Bitcoin
BTC$43 122.17

0.96%

Ethereum
ETH$2 962.21

0.70%

Cardano
ADA$2.26

-3.91%

Tether
USDT$1.000745

-0.03%

Binance Coin
BNB$340.66

-3.81%

XRP
XRP$0.936744

-0.87%

Uniswap v3 flips v2 on volume and both versions flip Bitcoin on fee revenue


26 May 2021   #UniSwap

Both iterations of the world’s most popular DEX now generate more fee revenue than Bitcoin. The world’s largest decentralized exchange keeps growing and the newly-launched third iteration has now surpassed version two in terms of daily volumes. In addition to v3 topping the daily transaction volumes of v2, both have individually surpassed Bitcoin in terms of daily fee generation. The move was observed by Uniswap founder Hayden Adams who commented that both are earning more daily and weekly fees than Bitcoin miners.

Data from Cryptofees showed that Uniswap v3, which was launched on May 5, generated $4.5 million with v2 generating $3.8 million in fees for the day. Bitcoin was behind both of them at the time with $3.7 million in daily fee generation.

At the time of writing, the website was reporting that Uniswap v3 generated $4.1 million in the current 24 hour period whereas v2 is in second place with $3.2 million. SushiSwap is the next largest DEX after Uniswap with $2.135 million. Bitcoin and Ethereum estimates were not available for the past 24 hours but the previous day's fees on Bitcoin hit $2.821 million, while Ethereum raked in $28.71 million.

Critics often blame high Ethereum gas fees on Uniswap for being responsible, but the revenue figures are actually swapping fees paid to liquidity providers rather than gas fees. In terms of daily transaction volumes, v3 has now surpassed v2 with $1.48 billion over the past 24 hours according to Uniswap’s analytics page. Version 2 had a reported daily volume of $1.1 billion. For total value locked, v2 still dominates with $5.8 billion compared to $1.46 billion on v3.

On May 20, Cointelegraph reported Messari's prediction that v3 would surpass v2 by volume this month. Uniswap’s success has been so prominent that finance industry bible The Wall Street Journal has picked up on it, suggesting the DEX and others like it posed a growing threat to Coinbase. A report on May 24 stated that Uniswap had a volume of $36.6 billion in April, compared with $110 billion at Coinbase.

It added that Coinbase listed competition from decentralized exchanges as a potential business risk before going public last month.

It may not end up as an 'either/or' situation but end up with 'both' benefiting. Adams predicted that centralized exchanges would eventually tap into Uniswap’s liquidity pools, “essentially becoming front-end interfaces with slick apps and websites that rely on Uniswap behind the scenes to power trading.”


Related

Uniswap has now generated more than $1B in fees for liquidity providers
Uniswap v3 launches Optimistic Ethereum layer two scaling in alpha
CoinMarketCap launches Ethereum token swaps powered by Uniswap
DeFi bucks crypto market correction as Uniswap v3 leads the charge
Uniswap v3 looks set for layer-two scaling on both Arbitrum and Optimism
Uniswap flips Bitcoin on daily revenue, and it’s more impressive than you think
Will the launch of Uniswap v3 spark a new DeFi boom?
Uniswap v3 hopes to reinvent its DEX, others see a different path for DeFi
Uniswap deploys V3 contracts to four Ethereum testnets

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 122.17 0.96% -10.21% $811 845 197 142 $32 979 366 396
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 962.21 0.70% -13.01% $348 594 526 258 $21 804 823 841
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.26 -3.91% -4.61% $72 247 803 034 $5 934 309 942
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000745 -0.03% 0.18% $68 594 041 542 $78 531 944 846
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $340.66 -3.81% -16.81% $57 277 129 248 $1 824 922 046
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.936744 -0.87% -12.84% $43 762 466 306 $3 480 602 653
7 Solana (SOL) SOL Solana predictions 67.2% 73 $133.73 -5.17% -16.25% $39 755 230 580 $2 355 486 237
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000354 -0.02% 0.15% $30 960 831 356 $3 856 410 295
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $28.93 -5.79% -14.59% $28 569 978 013 $2 497 931 662
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.203541 -2.93% -14.83% $26 754 819 985 $1 484 621 745
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.70 -4.70% -6.71% $14 914 226 366 $1 215 382 304
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.55 -4.62% 2.04% $14 617 138 870 $1 673 809 615
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.46 14.19% -8.01% $13 735 517 239 $963 138 296
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000428 -0.01% 0.16% $13 695 184 249 $5 414 111 970
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.43 6.38% -13.70% $11 115 873 690 $1 892 923 557

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.