Uniswap becomes the first-ever DeFi platform to generate $1 billion for liquidity providers
- After Ethereum introduced the burn mechanism, OpenSea emerged as the leading decentralized platform.
- Nearly $1 billion (£72.28 million) worth of ETH coins were burnt after the burn mechanism was introduced.
- Ether has raised as much as $4.74 billion (£3.43 billion) in fees within six years, outranking Tether.
As the crypto market continued to show positive developments, UniSwap, one of the world’s leading digital assets platforms, became the first DeFi app to generate as much as $1 billion (£72.28 million) in fees for liquidity providers.
Days ago, the crypto data aggregator from IntoTheBlock, Lucas Outumuro, took to social media platform Twitter and shared a chart showing V2 and V3 Ether mainnet of Uniswap surged to more than the one-billion-dollar mark.
Not only that, but the data aggregator also highlighted that the crypto platform had distributed more than $1.01 billion (£73.01 million) to liquidity providers since November 2018, including the revenue generated from both V1 and V3 deployment on Optimism.
Ethereum and Bitcoin’s fees
Copy link to sectionAs per the latest data shared by Otumuro, the world’s most famous crypto-token, Bitcoin (BTC/USD) has generated more than $2 billion (£1.44 billion) in fees since its launch after 2008’s financial crisis. Meanwhile, thanks to the DeFi-based surge in activity on Ethereum, the second most popular token, it raised its net revenue to $4.74 million (£3.43 million) in just six years.
On the other hand, Axie Infinity, an Ether-powered DApp, has emerged as the leading decentralized platform in revenue in the last couple of weeks. Over the last month, the game has generated nearly $3.8 million (£2.75 million) in fees, accounting for nearly $10 million (£7.23 million) on a daily average, according to the data compiled by Token Terminal.
Ethereum’s London upgrades and surge in DeFi Apps
Copy link to sectionOn August 5, following the London upgrades, the Ether blockchain introduced a new burn mechanism to its network’s fee market. Over the last week, given the surging popularity of the decentralized apps, nearly $1 billion (£72.28 million) worth of ETH tokens have been burnt, while more than one thousand deflationary blocks mined.
After destroying Ether tokens worth $12 million (£8.68 million) since the London upgrades, OpenSea currently ranks as the top DApp based on Ethereum. Meanwhile, Uniswap V2 ranks second, with $7.4 million (£5.35 million) worth of Ether burnt. It is followed by Ether (ETH/USD) and Tether (USDT/USD), with $5.6 million (£4.05 million) and $5 million (£3.61 million), respectively.
