DeFi Text 3.0? These DeFi Coins Have Suddenly Peaked!

DeFi: On June 15, Uniswap’s gas fees rose to $8.36 million. It surpassed Ethereum with $7.99 million on the same day. Meanwhile, UNI price was up 8.7%. Some DeFi coins also peaked suddenly.

DeFi coins outperformed Ethereum

Popular DEX platform Uniswap has outpaced mainstream Ethereum in terms of fees paid over its seven-day MA. However, the increase is part of the recent high demand for DeFi amid the current bear market. DeFi platforms such as Aave and Synthetix have seen fluctuations in fees paid over the past seven days, while their native tokens and prices of others such as Compound (COMP) have also exploded.

COMPUSDT 2022 06 23 19 48 04 According to Crypto Fees data, which we have quoted as , investors in Uniswap generated an average of $4.87 million worth of gas fees per day between June 15 and June 21. Thus, it surpassed the average fees of Ethereum users, which was $ 4.58 million.

Uniswap V3 takes the biggest share of their fees

Uniswap’s most advanced V3 protocol captures the lion’s share of total fees at $4.4 million. On the other hand, the V2 variant also contributed a remarkable $336,556. During this time, Ethereum’s total fees outpaced Uniswaps in two days out of seven. In terms of the highest day of generated wages, Uniswap surpassed $8.36 million on June 15. It surpassed Ethereum with $7.99 million on the same day.

These DeFi Coins Have Suddenly Peaked

Uniswap allows P2P transfer of Ethereum tokens without a central authority to facilitate transactions. This is achieved through automated smart contracts. Under Uniswap’s fee structure, fees are paid by users to liquidity providers who receive 100% of fees in the DEX.

DeFi coins fluctuate

Now the data shows strong investor demand for several DeFi platforms despite the current bear market. With the exception of UNI, Aave and Synthetix are in third and fifth place, with $981,883 and $600,214, respectively, in terms of average wages paid over the past seven days.

Much like Uniswap, Aave saw a rise in fees on June 15. At the same time, and its total increased 69% to $1.44 million. Likewise, Aave (AAVE) has gained 22% since then.

The rise of Sythentix has been most notable. The platform saw a massive 928% increase in gas fees paid between June 11 and June 13. Meanwhile, the total gas paid rose to $843,297. Total fees were then reduced to around $400,000 by June 17. On June 19, it rose another 150% to nearly $1 million.

In detail, the main reason behind the rise of Synthetix (SNX) is the Synthetix EIP 120, which allows users to “atomic exchange assets without refunds.” Against this trend, fees at Compound have been falling since April. COMP rose 16.7% in this timeframe to reach $40.50. But despite this, it only produced a seven-day MA of $11,753 last week.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.