Cryptocurrency News

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

The world’s largest decentralized exchange is growing and the newly launched third edition has now overtaken version two in terms of daily volume.

Apart from v3 being on top in daily transaction volume of v2, both have personally overtaken bitcoin in terms of k Daily fee generation. The move was noticed by Uniswap founder Hayden Adams, who commented that both are earning higher daily and weekly fees than bitcoin miners.

data from Cryptophys Showed that Uniswap v3, Which was launched on 5 May, Generated $ 4.5 million with v2 and $ 3.8 million in fees for the day. Bitcoin lagged behind both at the time and was $ 3.7 million in daily fee creation.

At the time of writing, the website was stating that Uniswap v3 earned $ 4.1 million in the current 24-hour period while v2 is in second place with $ 3.2 million. Sushi Swap is the next largest DEX after Uniswap with $ 2.135 million. Bitcoin and Ethereum estimates were not available for the last 24 hours, but the previous day’s fees on bitcoin were $ 2.821 million, while Ethereum raised $ 28.71 million.

Critics often blame the high Ethereum gas fee on Uniswap for being responsible, but the revenue figures are actually interchangeable fees paid to liquidity providers rather than gas charges.

According to Uniswap, in terms of daily transaction volume, v3 has now surpassed v2 with $ 1.48 billion in the last 24 hours. Analysis page. Version 2 had a daily volume of $ 1.1 billion. For the locked total value, v2 still dominates v3 with $ 5.8 billion compared to $ 1.46 billion.

On May 20, Cointegraph reported Messari’s prediction that v3 will overtake v2 by volume this month.

The success of Uniswap has been so prominent that the finance industry Bible Wall Street Journal Has raised this, suggesting that DEX and others like it pose an increasing threat to Coinbase. a Report good On May 24, it said Uniswap had a volume of $ 36.6 billion in April, compared to $ 110 billion in Coinbase.

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

It may not end as an ‘either / or’ condition, but may end up with an ‘both’ advantage. Adams predicted that centralized exchanges would eventually tap into Uniswap’s liquidity pool, “essentially becoming front-end interfaces with sleek apps and websites that rely on Uniswap for power trading from behind the scenes.”