Crypto Ecosystems • August 13, 2024, 1:41AM EDT
Published 1 minute earlier on
UPDATED: August 13, 2024, 7:11AM EDT
Quick Take
- Uniswap Labs has seen its cumulative front-end fees cross the $50 million mark.
Uniswap Labs, the developer firm behind the Uniswap protocol, has seen its cumulative front-end fees cross the $50 million mark. In October, the platform enacted a 0.15% fee for user transactions on its web interface and wallet app. The accrued fees are directed to the labs, which marked a revenue stream for the firm. In mid-April, Uniswap Labs hiked this fee on its interface from 0.15% to 0.25%. The cumulative fees have increased over thirteenfold year-to-date, rising from $3.7 million on Jan. 1 to above $50.6 million now. This comes as Uniswap remains the largest DEX when it comes to on-chain swap volume. Out of the total $154 billion in swap volume during the month, the platform hosted $54 billion, according to The Block’s data dashboard. Users who want to avoid the front-end fee can utilize DEX aggregators such as 1inch, Cowswap, and Paraswap — though it is worth noting that these platforms may offer different fee models. In July, the Uniswap front accounted for 25.7% of DEX activity, compared to 19.8% for 1 inch, the most-used DEX aggregator. This is measured in terms of the monthly share of activity generated by DEX frontends. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Vishal Chawla is The Block’s crypto ecosystems editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]