OpenSea overtakes Uniswap in Ethereum usage

Fin is a former junior editor at TechForge.

NFT marketplace OpenSea is currently outshining Ethereum’s largest decentralised exchange, Uniswap, in terms of transaction fees.

Since 2020, Uniswap has typically commanded the most in daily transaction fees, a key barometer for actual usage of the world’s second-largest blockchain.

However, the emergence of NFTs earlier in 2021 began to threaten Uniswap’s top spot, with the marketplace platform now firmly ahead in Ethereum usage.

As of August 10, OpenSea fees for the past 24 hours sit at $2.37 million (£1.71m) whereas combined fees for Uniswap V2 and V3 sat at just $1.67m (£1.2m).

Recent popular NFT projects, such as Space Poggers, Pudgy Penguins, and Sad Frogs District, likely helped this top leaderboard spot.

The projects host different types of auctions that allow users to mint a random NFT for a given amount of ether, the native currency of the Ethereum blockchain.

Following on from a $100m (£72.1m) Series B funding round in July last month, the OpenSea platform is now valued at $1.5 billion (£1.08m).

Want to learn more from executives at the heart of this space? The Blockchain IoT Solutions Congress, on November 2 2021, will explore the convergence of these two technologies and the use cases and industries that will benefit.

Tags: , , , , , ,

View Comments
Leave a comment

One comment on “OpenSea overtakes Uniswap in Ethereum usage

Leave a Reply

Your email address will not be published. Required fields are marked *