Decentralized Exchange (DEX) Uniswap outperformed its Ethereum host blockchain in fees paid on a seven-day rolling average.
This rise appears to be part of the recent strong demand for DeFi in the current shaving market environment. Decentralized financial platforms (DeFi) such as Aave and Synthetix have seen skyrocket users pay fees over the past seven days, with the price of their native tokens and others such as Compound (COMP) rising.
According to data from Crypto Fees, Uniswap traders paid an average of $ 4.87 million in fees per day between June 15 and June 21, exceeding the average Ethereum user fee of $ 4.58 million, millions of dollars.
Uniswap’s advanced v3 protocol (based on Ethereum’s mains) took the lion ‘s share with $ 4.4 million, while the v2 version also made a significant contribution of $ 336,556.
During this period, Ethereum’s total fees surpassed those of Uniswap on two days out of seven, and Ethereum $ 7.99 million on the same day.
Uniswap can exchange Ethereum-based signals between peers (P2P) without central authority being responsible for facilitating the exchanges. This is achieved through automated smart contracts. Under the Uniswap fee structure, traders pay fees to liquidity providers who receive 100% of the fees on the DEX.
Read also: Uniswap Captures $ 1,000 Volume Barrier, But Used Only At 3.9 Million Launches
Because Ethereum is the blockchain in which most DeFi projects are located and is known for its costly cost structure, DEX is like Uniswap which beats the blockchain in fees generated over a significant week.
According to data from CoinGecko, Uniswap (UNI) has grown 17.4% over the last seven days to settle at $ 5.18 at the time of writing this report. The recent acquisitions of NFT Genie market aggregator and the appointment of former New York Stock Exchange President Stacey Cunningham as an advisor to Uniswap Labs may have helped with this.
The pressure for Defi
Uniswap is not the only platform to see its fees and the price of its signals rise recently, as the data also shows strong investor demand for some DeFi platforms despite the current bear market.
Aave Loan Protocol and synthetic derivatives trading platform Synthetix, in particular, ranks third and fifth in terms of average fees generated over the past seven days at $ 981,883 and $ 600,214, respectively.
Like Uniswap, Aave saw a huge increase in fees on June 15, as its total rose 69% to $ 1.44 million. His native Aave (AAVE) sign has increased 22% since then.
The most notable was the rise of Sythentix. The platform saw a significant 928% increase in fees paid between June 11 and June 13, reaching a figure of $ 843,297. The total fee then dropped to about $ 400,000 on June 17, before rising another 150% to about $ 1 million on June 19.
The boom can also be seen by looking at Synthetix (SNX), whose price has recovered 105% from Sunday to stand at $ 3.08 at the time of writing this report. One of the main reasons for this success seems to be the Synthetix 120 Enhancement Recommendation, which went live last week, allowing users to trade assets automatically at no charge, increasing the speed of trades.
Contrary to this trend, fees on compounding loan platforms have been declining since April and have generated a seven-day moving average of $ 11,753 over the past week, while its native COMP signal increased 16.7% in that time period to be fixed by $ 40.50. .