The world’s largest decentralized exchange, Uniswap, is currently surpassing the daily Bitcoin fee growth by over 50%.

CryptoFees, the leading Ethereum-powered decentralized exchange Uniswap, has received over $ 4.8 million in commissions over the past 24 hours, according to the data tracking website. This drove the automated marketer to second place over Bitcoin, which earned only $ 3.1 million.

The best network in terms of daily fees is Ethereum with $ 16.5 million, which beats the other 30 networks that CryptoFees tracks together.

Uniswap’s dominance over Bitcoin appears to be short-lived, as Bitcoin surpassed Uniswap in average daily fees over the past seven days by almost 20% – with BTC paying $ 4.15 million compared to Uniswap’s 3.5 million.

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According to BitInfoCharts, Uniswap’s higher fees are a result of Ethereum’s prohibitive gas prices, with large transaction fees currently averaging $ 13.60. According to Etherscan, the exchange of tokens on Uniswap currently averages $ 33.68.

ETH Gas Station notes that Uniswap is the largest gas-intensive company in the industry, earning $ 2 million in Ethereum fees over the past 30 days. Stablecoin Tether is in second place in gas consumption as it generated $ 1.65 million in the same period.

Higher fees have made Ethereum-based DeFi unaffordable for many beginners, prompting some users to use cheaper options such as PancakeSwap DEX powered by Binance Smart Chain. As Cointelegraph reports, PancakeSwap is driven by Uniswap’s dominance in the market.

Source: CoinTelegraph