Uniswap Flipped BTC On Daily Revenue And Things Are Looking Impressive

Uniswap flipped BTC on a daily revenue data for two days in a row and things are looking impressive for the liquidity provider as we can see more in our latest cryptocurrency news today.

As Uniswap flipped BTC on daily revenue, blogger Evan Van Ness cited figures from the Crypto Fees website which compares the daily fees generated by the top blockchain network. The founder Hayden Adams was quick to post about the milestone:

“Uniswap v2 LP fees finally passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3.”

The website was reporting that Uniswap generated $7.1 million in fees over the past 24 hours compared to Bitcoin’s $4.6 million. A million critics immediately pointed to out high fees on Uniswap being responsible as Adams pointed out that the revenue was swapping fees paid to liquidity providers rather than the gas fees. He said that the gas fees in ETH generated by Uniswap were higher than Bitcoin’s transaction fees. Uniswap flipped BTC two days in a row, for liqudity provider fees as per the site. The seven-day average for the decentralized exchange is higher than Bitcoin’s with $5.9 million compared to $5.2 million. However, Ethereum was ahead of both BTC and UNI with a daily fee count of $90 million because of the record-high gas costs.

👀 @Uniswap v2 LP fees finally passed Bitcoin network fees on the 7 day average

🤑 Would be even higher if https://t.co/lUNKPjwNZB tracked v3 pic.twitter.com/aH4Vr9kB7o

— Hayden Adams 🦄 (@haydenzadams) May 11, 2021

Adams stated that Ethereum’s layer two scalings is much needed and said that the Uniswap users alone spent around $42 million on gas fees adding:

 “This is almost 5X what was spent on Bitcoin network fees during the same period.”

Uniswap has fully flipped #Bitcoin in fees

Wouldn't surprise me if market caps were

1) $ETH
2) $UNI
3) $BTC

in the future. pic.twitter.com/iNUe7Jmw9c

— Evan Van Ness (@evan_van_ness) May 11, 2021

There was a flurry of complaints from Uniswap users when the third version was rolled out as the gas fees seemed to be higher than the previous iteration of the platform. The layer-two version based on Optimism Is due to launch soon. The average gas prices skyrocketed to a high of $68 and ETH Gas Station reported that the gas costs for complex operations are over $200. YouTuber Lark Davis pointed out:

“Great, now implement some layer-two scaling so that Uniswap is actually usable by non-rich users. Polygon is ready and waiting. Aave, Curve, Sushi, Pool together all on it. Optimism is months away. Why wait?”