Ethereum
Uniswap Gets $5.5 Billion Boost With Ethereum ETF Approval – DL News
- Ethereum ETF hype pushed decentralized stock trading volumes to $11.2 billion on Thursday.
- Uniswap accounted for 48.9% of this volume, or $5.5 billion.
- Liquidity Providers generated $4.9 million in fees, while Uniswap Labs generated $661,000 in fees.
Trading volume on decentralized exchanges has soared to $11.2 billion Thursday, the day the Securities and Exchange Commission approved a set of deposits for Ethereum spot exchange traded funds.
This is the highest single-day trading volume since March 18.
Uniswap, the largest decentralized exchange, or DEX, particularly benefited from the rise, generating $5.5 billion in transaction volume on Thursday alone, with Ether representing nearly 3 billion dollars of this volume.
Ether is the native token of the Ethereum blockchain.
Uniswap’s figure exceeds the trading volume of any blockchain on which Uniswap works and represented 48.9% of total volume on DEXs.
The average trading volume for Uniswap over the past seven days was $2.8 billion.
Ethereum, the largest blockchain by transaction volume, recorded $4.4 billion THURSDAY.
The increase in trading activity on Thursday propelled Uniswap to third place in fees generated over the past 24 hours, with $4.9 million. All of these fees are paid back to users who provide liquidity on the DEX.
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Uniswap Labs, the company that builds and maintains Uniswap, charges a 0.25% fee on transactions via the Uniswap website. This reported $661,000 in fresh Thursday.
Since this tax was implemented in October, it has generated $30.6 million revenue for Uniswap Labs.
In March, Devin Walsh, executive director of the Uniswap Foundation, propose direct a portion of the liquidity provider’s fees to UNI token holders.
However, complications arose when Uniswap Labs revealed on April 10 that it received a Wells notice of the SEC.
Nonetheless, this did not have a material impact on Uniswap’s trading activity, as traders generated $152 billion since the notice was made public.
Nonetheless, this has slowed down Uniswap Labs’ proposal, with no official update since April 9.
The governance token for Uniswap, Unitedwas recently trading at $9.08, down 1.8% in the last 24 hours and 17.8% since April 10.
Ryan Celaj is a data correspondent at DL News. Do you have any advice? Send him an email to ryan@dlnews.com.