Uniswap's Gas Fees Dominated That Of Ethereum Over The Past Few Days: Here's Why

Uniswap, a decentralized cryptocurrency exchange, has seen a surge in gas fees in the past few days, spiking to a high of $8.36 million on June 15, beating Ethereum whose gas fee amounted to $7.99 million on the same day. The development comes in the midst of a bearish market.

Taking into account the fees paid over a seven-day rolling average, Uniswap has overtaken Ethereum (ETH). According to data by Crypto Fees, Uniswap transactions covered fees worth $4.87 million while Ethereum accounted for $4.58 million between June 15 and 21.

Uniswap's v3 variant which is based on the Ethereum mainnet, accounted for $4.4 million while the v2 variant contributed around $336,556, according to the data recorded by CoinTelegraph at the time.

Interestingly, this surge in gas fees can be due to high demand and increased transactions on the decentralized exchange. Although the market remains bearish, users are not shy about initiating new transactions in the world of decentralized finance.

Additionally, Uniswap also acquired Genie, an NFT marketplace aggregator which lets anyone discover and trade NFTs across several platforms. With the confirmation of the deal, the decentralized exchange will include both ERC-20s and NFTs.

"NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3," the post stated.

This new venture into the world of NFTs can be a major reason why gas fees on Uniswap surged by a significant amount. Another reason could be the increased interest of investors in the world of DeFi.