Since the inception of Uniswap in November 2018, more than $1 billion in fees has been produced for the liquidity providers who use the platform.
Uniswap, a leading decentralised exchange, has become the first DeFi protocol to produce more than $1 billion in platform fees for liquidity providers, making it the first of its kind.
According to a figure provided on Twitter by Lucas Outumuro, head of research at crypto data aggregator IntoTheBlock, the aggregate fee income of Uniswap’s v2 and v3 Ethereum mainnet deployments have reached $1 billion in the past month.
Outumuro estimates that about $1.02 billion has been disbursed to Uniswap liquidity providers since the protocol’s inception in November 2018. This figure includes fees produced by both Uniswap v1 and its v3 deployment on Optimism.
According to IntoTheBlock’s data, the Bitcoin network has generated $2.24 billion in fees since its inception in 2009, whereas the DeFi-driven boom in activity on Ethereum has increased the network’s total fee revenue to $4.74 billion in six years.
@Uniswap just became the first protocol to surpass $1B+ in fees
Congrats to @haydenzadams and team pic.twitter.com/pnA10t41Yo
— Lucas Outumuro (@LucasOutumuro) August 10, 2021
However, in recent weeks, the rapidly growing Ethereum-powered game Axie Infinity has risen to become the leading DApp in terms of fee revenue. It is estimated that Axie has generated $308.5 million in platform fees over the past 30 days, amounting to an average of almost $10.3 million every day, according to Token Terminal.
The popular NFT marketplace OpenSea looks to have recently surpassed Uniswap in terms of fee revenue, with the platform collecting $4.2 million in fees every day, according to statistics from Dune Analytics. In terms of platform fees, Uniswap generates $3.9 million in daily revenue, according to CryptoFees.
In response to the recently released London upgrades, which introduced a burn mechanism into the network’s fee market on August 5, the soaring popularity of Ethereum-based decentralised applications (DApps) has resulted in the burning of more than $100 million worth of Ether and the mining of more than 1,000 deflationary blocks in the last week.
According to Ultrasound.Money, OpenSea presently ranks first among Ethereum DApps in terms of burn rate, having destroyed 3,918 Ether (worth $12.5 million) since the London launch of the platform..
Tether is in second place with 1,555 Ether ($5 million), followed by Axie Infinity in third place with 1,805 Ether (almost $5.8 million), and Uniswap v2 in fourth place with 2,344 Ether ($7.5 million).