Uniswap has surpassed Bitcoin [BTC] in terms of daily fee generation for 2 days within a row.
The fee flippening was observed by cryptocurrency industry blogger Evan Van Ness citing figures from CryptoFees, an internet site that compares the daily fees generated by the leading blockchain networks.
Uniswap founder Hayden Adams was quick to post about the milestone:
“Uniswap v2 LP fees primarily passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3.”
At the time of reporting, Uniswap had generated $7.1 Mln in fees over the past 24 hours compared to Bitcoin’s $4.6 Mln.
Although a million critics immediately outlined to high gas fees on Uniswap being responsible, Adams acknowledged revenue in question was actually swapping fees paid to liquidity providers instead of gas fees. Moreover, he added that the gas fees in ETH generated by Uniswap are exponentially over Bitcoin’s transaction fees.
Uniswap has now flipped Bitcoin for 2 days within a row for liquidity provider fees consistent with the website. The 7-day average for the decentralized exchange is additionally now over Bitcoin’s, with $5.9 Mln compared to $5.3 Mln.
Moreover, Ethereum was streets before both Uniswap and Bitcoin with a daily fee count of on the brink of $90 Mln due to record high gas costs.