Uniswap v3’s daily transaction volume exceeds v2, and both v2 and v3’s single-day fee income exceeds Bitcoin

Uniswap, the world’s largest decentralized exchange, continues to grow, and the daily trading volume of the newly launched version of Uniswap v3 has surpassed that of the v2 version.

Except for v3’s daily transaction volume exceeding v2, the single-day handling fees of these two versions exceed Bitcoin. Uniswap founder Hayden Adams observed this change and commented that both v3 and v2’s daily fee income and weekly fee income surpassed Bitcoin miners.

Data from Cryptofees shows that on the day Uniswap v3 was launched on May 5, v3 incurred a handling fee of 4.5 million US dollars, while v2 incurred a handling fee of 3.8 million US dollars. The transaction fee incurred by Bitcoin on that day was $3.7 million, lagging behind v3 and v2.

Glad to see Uniswap v3 added to Cryptofees

Both v3 and v2 liquidity providers now have higher daily fee income and weekly fee income than Bitcoin miners

–Hayden Adams (haydenzadams) May 25, 2021

At the time of writing, the website reported that Uniswap v3 incurred $4.1 million in transaction fees in the current 24 hours, while v2 ranked second with $3.2 million. SushiSwap is the second largest DEX after Uniswap, with a cost of $2.135 million in 24 hours. The transaction fees of Bitcoin and Ethereum in the past 24 hours were unavailable, but the cost incurred by Bitcoin the previous day was US$2.821 million, while Ethereum incurred a fee of US$28.71 million.

Critics often blame Uniswap for the high gas cost of Ethereum, but the revenue data is actually a fee paid to the liquidity provider, not a gas fee.

According to Uniswap’s analysis page, in the past 24 hours, v3’s daily transaction volume has surpassed v2, reaching 1.48 billion U.S. dollars, and v2’s daily transaction volume is 1.1 billion U.S. dollars. In terms of total lock-in value, v2 still dominates with 5.8 billion U.S. dollars, and v3 is 1.46 billion U.S. dollars.

On May 20, Cointelegraph reported Messar’s prediction that v3’s daily trading volume will exceed v2 this month.

The success of Uniswap is so outstanding that the financial industry bible “Wall Street Journal” has noticed it, and it believes that Uniswap and other similar DEXs pose a growing threat to Coinbase. A report on May 24 stated that Uniswap’s transaction volume in April was $36.6 billion, while Coinbase’s transaction volume was $110 billion.

The report also added that before going public last month, Coinbase listed competition from decentralized exchanges as a potential business risk.

This may not be a “one or the other” situation, but “both parties” benefit. Adams predicts that the centralized exchange will eventually use Uniswap’s liquidity pool, “essentially becoming a front-end interface with applications and websites that rely on Uniswap behind the scenes to promote transactions.”