Yesterday CoinDesk published an investigation where Uniswap is revealed as the largest gas burner on Ethereum. Specifically, according to data from Etherscan, you have used 22% of the network in the last 3 hours.
Uniswap beats Tether
As many will remember, some time ago Tether (USDT) was the main responsible for most of the transactions that took place on the Ethereum Blockchain.
In fact, for a long time it was the main cause of the increase in transaction fees and the collapse of the network.
However, now the data reveals that this is a thing of the past. Currently Uniswap has positioned itself as the main decentralized application (dApp) for the amount of fees used. Evidently, leaving Tether in second place.
A crypto giant
It is worth explaining that Uniswap is a decentralized exchange protocol based on Ethereum that allows anyone to exchange ERC20 tokens.
This protocol was created by Hayden Adams in 2018. However, the underlying technology is inspired by ideas from Vitalik Buterin, co-founder of Ethereum.
But, it was in May of this year when, with the launch of Uniswap V2, it became popular in the crypto community. So much so that, just last week, Hayden Adams tweeted some very interesting facts.
Adams revealed that the platform had processed a lifetime volume of $ 51.7 billion across 26,000 unique trading pairs, which equates to nearly $ 2 million per match on average.
So, it should come as no surprise that Uniswap is responsible for most of the transactions that are made on Ethereum.
Likewise, Fredrik Haga, founder and CEO of Dune Analytics, explained to CoinDesk that Uniswap’s high gas consumption does not surprise him considering that it attracts close to 100,000 users weekly.
Especially if we take into account that it is an exchange protocol, an activity that users in the crypto community perform to a greater extent compared to other activities such as loans.
Who are those who participate in this market? That is a completely different point. Many crypto users suspect that most of Uniswap’s volume comes from illicit sources such as the Dark Web.
Tell us! We want to know your opinion regarding Uniswap and its impact on the crypto market, especially on the Ethereum Blockchain.
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