Uniswap Surpasses July Trading Volume in Under Two Weeks in August While ETH Fees Soars
Decentralized cryptocurrency exchange (DEX) Uniswap has surpassed its July trading volume figures merely less than two weeks into August, Coindesk reports, August 13.
Uniswap Reports Record-Shattering Trading Volume
Uniswap DEX seems to be riding the bullish tides of the cryptocurrency market which reflects in its unprecedented trading volume figures.
In July, Uniswap recorded a trading volume worth $1.76 billion. Now, in August, the DEX has eclipsed its July figures with more than two weeks yet to go.
According to data from Dune Analytics, in the past 24 hours, Uniswap reported $213 million in volume which accounts for over 60% of all DEX trading volume. Notably, the tremendous growth witnessed by Uniswap is not siloed as other DEXes, such as 1inch.exchange also report all-time-high trading volume figures.
Uniswap’s exponential rise in popularity among cryptocurrency users is commensurate with a growing interest in decentralized finance (DeFi). Investors are rushing to pour money into DeFi projects for volatile returns. However, this volatility is hardly one-directional as was displayed by the short-lived existence of the Yam Finance project.
Nonetheless, Uniswap continues to reign supreme in the budding DEX space.
As previously reported by BTCManager, Uniswap has been rivaling major centralized exchanges (XEC) such as Coinbase, and Kraken, and surpassed others such as Gemini, Poloniex, and Binance.US in terms of trading volume processed.
Ethereum Gas Fees Continues to Soar
Although Uniswap is witnessing huge user rush courtesy of the ballooning DeFi space, users are irked by the skyrocketing gas fee they are incurring on the Ethereum network. Twitter accounts report exorbitant gas fees in hundreds of dollars while doing transactions on the Ethereum network.
According to a tweet by Bitquery.io, a total of 17,753 ETH was spent on gas on August 12 alone.
According to data from Blockchair, average transaction fees have surged 600% to $5.27 amid the booming the DeFi frenzy.
As reported earlier in the day, for the first time in Ethereum’s history, miners earned a record of 30,500 ETH on August 12 as revenue from transaction fees worth 17,000 ETH ($6.87 million) eclipsed block rewards which stood at 13,500 ETH.
At press time, ETH trades at $390 with a market cap of over $43 billion, as seen on CoinGecko.