- Uniswap trading fees have hit high-double digit figures as the Ethereum price spiked.
- There is now a Uniswap alternative claiming to offer much cheaper gas fees.
Uniswap trading fees have hit high-double digit figures as the Ethereum price spiked. Thus, it has been a tough spot for many months now. The issue has driven innovation in the place as competing crypto exchanges find ways to lessen costs and pinch Uniswap’s customers.
As a result, several alternatives exist out there that insist they offer much reduced or even free trading on ERC-20 tokens. But what are they, and do they stand up to their promises?
Uniswap Alternatives Offering Cheaper Gas Fees
Zero exchange by the Avalanche blockchain boasts near-instantaneous transaction times. Besides, as the name suggests, it offers zero trading fees. The only drawback is the necessity to swap your ETH or recommended stablecoin into the Avalanche version of that token. This process has to be handled on the Ethereum network first.
This need for a cross-chain transaction means you still face a Uniswap-high fee for the initial swap. Then again, when you want to swap back, this almost negates the point.
1inch is a trade aggregator that looks at a group of decentralized exchanges, including Uniswap. It tries to find the best price and offers a claimed saving of up to 42% on gas fees. In particular, these are gains through its CHI Gastoken innovation. It serves straight-up ERC-20 trading, so no need to change to another blockchain.
Popular Ethereum wallet MetaMask also launched a MetaMask Swaps feature into their application in October. Thereby, using the wallet into a DEX aggregator. The MetaMask app handles the entire process. It provides an easy route for cheaper coins and slightly less expensive fees, especially for those who already use MetaMask.
Generally, it appears that there is no genuinely affordable way of transacting on the Ethereum network at the moment. However, Zero seems to be one of the best options for those looking to conduct multiple trades.
However, it appears that you’re better off taking your chances on Uniswap itself and trying to trade when the network isn’t as busy or wait for Ethereum 2.0 to get its stakes on.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.