The globe’s largest decentralized exchange breaks new records as it recently hit a new fee generation. UniSwap is one of the most used platforms, and it has grown immensely over the years. The asset has overtaken Bitcoin’s daily fee generation by an impressive gap. This shows that the industry is growing with new platforms to ensure smooth running and an adequate fee generation scheme.
The recently shared data by CryptoFees, which shares crypto-related data, explained that UniSwap, which is on the Ethereum blockchain, has generated almost $5 million worth of fees within a day. This has taken the platform ahead of the world’s largest digital asset, Bitcoin. Bitcoin has generated only $3.1 million, meaning that there is a huge gap between the two.
UniSwap beats Bitcoin as top fee generator
Ethereum, being the industry’s most used Blockchain, is notably the top fee generator over the years. The network has an average of about $16.5 million daily, which makes it top the list. The impressive price could be due to the network’s expensive transaction fees that many small-scale traders struggle to pay.
The network’s average transaction fee is around $22, which has broken the network’s record. Ethereum’s daily fee is bigger than all the top 30 fees combined, showing the network’s dominance in the industry. UniSwap’s unexpected price generation could be temporary as Bitcoin has managed to exceed the Ethereum-based platform’s fee generation by 20% in the past week.
Also read:This has led to Bitcoin’s generation of about $4.15 million as opposed to UniSwap’s $3.4 million. The increased fee generation for UniSwap is mainly because of the growing transaction fees on the Ethereum network on which the platform is based. Statistics from some data platform shows that the average price for mainnet transaction is slightly over $13.
Etherscan revealed that swaps on the platform are around $33, which has grown incredibly over the past few months. The Ethereum network’s scalability problem is still a threat to the growing industry as it has become too expensive for average traders who are trading on a low scale.
Ethereum-based project’s free generation
Some data shows that UniSwap is one of the network’s gas users, making the Blockchain generate an average of $2 million every day for the past month. Tether is another notable generator, which has generated around $1.8 million in gas fees on average. While these increased gas fees have enriched the Ethereum network, it has made new traders runaway from its usage. Most inexperienced traders would prefer a cheaper alternative like the Binance Smart Chain. This network has given users a cheaper alternative with faster transactions.
Recent data shows an increased sign-up on BSC due to the outrageous transaction fees on the Ethereum network. The network’s team has revealed that it would find a solution to giving users greater access. Most users prefer to use other networks, which is to make notable gains even as small-scale traders. The next stage of the Ethereum network would be out soon, which has led to anticipation in the industry.
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