- Uniswap has generated more than $1 billion in fees for its liquidity providers.
- Uniswap’s combined fee revenues from its Ethereum mainnet deployments v2 and v3 have topped $1 billion.
On Tuesday, Lucas Outumuro, Head of Research at crypto data aggregator IntoTheBlock, tweeted an analysis showing that Uniswap’s combined fee revenues from its Ethereum mainnet deployments v2 and v3 have topped $1 billion.
Since the November 2018 creation of the Uniswap protocol, roughly $1.02 billion has been distributed to Uniswap liquidity providers. Thanks to the protocol’s first and third deployments on Optimism.
By contrast, IntoTheBlock data shows that Bitcoin’s network has generated $2.24 billion in fees since 2009, while the DeFi-driven surge in Ethereum activity has increased the network’s revenue to $4.74 billion in six years.
This is only accounting for fees on v2 and v3 on Ethereum mainnet. Actual total including v1 and v3 on Optimism is ~ $1.02B
— Lucas Outumuro (@LucasOutumuro) August 10, 2021
However, Axie Infinity, the Ethereum-powered game currently leading the decentralized application (DApp) fee market, has swept past it in recent weeks. Over the past 30 days, Axie has generated nearly $10.3 million in platform fees every day, according to Token Terminal.
Data from Dune Analytics shows that popular nonfungible token (NFT) marketplace OpenSea has also overtaken Uniswap by fee revenue, as the platform has been generating $4.2 million in fees daily. Meanwhile, CryptoFees reports Uniswap’s daily platform fees are $3.9 million.
Meanwhile, Ethereum’s recent London upgrade introduced a burn mechanism on Aug. 5, resulting in $100 million of Ether (ETH) being burned over the past week and more than 1,000 blocks being mined deflationary.
Currently, OpenSea ranks first in burn rate among the Ethereum DApps (worth $12.5 million) since London went live after burning 3,922 Ether according to Ultrasound.Money. Uniswap v2 takes second place with 2,344 ether ($7.5 million), followed by Axie Infinity with 1,805 ether ($5.8 million), and Tether (USDT) with 1,555 ether ($5 million).