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DeFi generates $ 1 billion for liquidity providers




As the crypto market continued to show positive developments, UniSwap, one of the world’s leading digital asset platforms, became the first DeFi app to generate up to $ 1 billion (£ 72 million) in fees for liquidity providers.

Days ago, IntoTheBlock’s crypto data aggregator Lucas Outumuro took to the social media platform Twitter and shared a graph showing that Uniswap’s Ether V2 and V3 mainnet surged to more than $ 1 billion.

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Not only that, but the data aggregator also highlighted that the crypto platform had distributed more than $ 1.01 billion (£ 72 million) to liquidity providers since November 2018, including revenue generated from the V1 and V3 implementation. in Optimism.

Ethereum and Bitcoin fees

According to the latest data shared by Otumuro, the world’s most famous crypto token, Bitcoin (BTC / USD) has generated more than $ 2bn (£ 1.4bn) in fees since its launch after the 2008 financial crisis. Meanwhile, thanks to increased DeFi-based activity on Ethereum, the second most popular token, it increased its net income to $ 4.74 million (£ 3.4 million) in just six years.

On the other hand, Axie Infinity, an Ether-powered DApp, has become the leading revenue decentralized platform in recent weeks. Over the past month, the game generated nearly $ 3.8 million (£ 2.74 million) in fees, representing nearly $ 10 million (£ 7.2 million) on a daily average, according to data compiled by Token Terminal.




NFT OpenSea platform outperforms Uniswap

With up to $ 4.1 million (£ 3 million) in daily fees, one of the most popular NFT platforms, OpenSea, appears to have overtaken Uniswap, data from Dune Analytics suggested. Meanwhile, according to CryptoFees, the platform accounts for nearly $ 3.9 million (£ 2.8 million) in daily fees.

Ethereum London Updates and Increase in Defi Apps

On August 5, following the London updates, the Ether blockchain introduced a new burning mechanism in its network’s fee market. Over the past week, given the increasing popularity of decentralized apps, ETH tokens worth nearly $ 1 billion (£ 72 million) have been burned, while more than a thousand deflationary blocks have been mined.

After destroying $ 12 million worth of Ether tokens (£ 9.03 million) since the London updates, OpenSea currently ranks as the leading Ethereum-based DApp. Meanwhile, Uniswap V2 is in second place, with $ 7.4 million (£ 5.4 million) worth of Ether burned. Ether (ETH / USD) and Tether (USDT / USD) follow, at $ 5.6 million (£ 4.1 million) and $ 5 million (£ 3.6 million), respectively.

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TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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