Uniswap, a decentralized Exchange is in news nowadays for the DeFi Boom. This Ethereum based Exchange creates markets automatically allowing anyone to swap ERC20 tokens thus automating liquidity unlike traditional Exchanges that need buyers and sellers to create liquidity.
Tokens associated with the DeFi sector have gained much interest within the crypto community. We have seen token like Yearn.finance (YFI) gaining massively even exceeding Bitcoin in its price (see my previous post). There are other DeFi tokens like Compound, Aave, Balancer, Ampleforth etc doing well presently.
The spike in price of these tokens has also directly influenced Ethereum gas prices which has risen dramatically. A latest data from Ethgasstation shows the amount of Ethereum (ETH) paid as gas for the past 30 days to send transactions with Uniswap leading the list:-
- Uniswap Exchange users spent 17,700 Ethereum (ETH) worth $6.99 Million USD on gas.
- Tether (USDT) was second with 16,100 ETH of gas spent worth $6.39 Million USD.
- ChainLink was Eight in the list with 1,470 ETH spent worth $584k USD.
- Synthetic was Eleven with 1,170 ETH spent worth $464k USD.
- Aave was 21st with 623 ETH spent worth $246k USD.
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