Uniswap flips Bitcoin on daily revenue... and it’s more impressive than you think
May 12, 2021. Summarized by summa-bot.
Compression ratio: 35.9%. 1 min read.
Uniswap has generated more fee revenue than Bitcoin over the past two days but all users want to know is when will layer-two scaling arrive?
Uniswap has surpassed Bitcoin in terms of daily fee generation for two days in a row.
At the time of writing the website was reporting that Uniswap had generated $7. 1 million in fees over the past 24 hours compared to Bitcoin’s $4. 6 million.
Although a million critics immediately pointed to high gas fees on Uniswap being responsible, Adams pointed out revenue in question was actually swapping fees paid to liquidity providers rather than gas fees.
In fact he said gas fees in ETH generated by Uniswap are exponentially higher than Bitcoin’s transaction fees.
Uniswap has now flipped Bitcoin for two days in a row for liquidity provider fees according to the sit.
However Ethereum was streets ahead of both Uniswap and Bitcoin with a daily fee count of close to $90 million due to record high gas costs.
In a separate tweet, Adams stated that Ethereum layer-two scaling is badly needed, stating that today, Uniswap users alone have spent around $42 million on gas fees, adding “this is almost 5X what was spent on Bitcoin network fees during the same period”.