Gauging the popularity and versatility of cryptocurrency ecosystems requires comparing many different statistics. Overall fees generated by a network is often a strong indicator of overall activity. In this regard, Unsiwap is starting to outpace Bitcoin.
Overall Fees Competition Heats Up
It is not too surprising to see different cryptocurrency networks compete for popularity. What is even more impressive is how individual projects can often outpace entire networks. This is primarily evident where altcoins are concerned, as their networks usually process a lower value.
According to Crypto Fees, the competition is heating up. Ethereum remains the top network by overall fees without much competition. On the daily chart, it obliterates any competing network or individual projects by leaps and bounds. Whether such high fees are a positive sign is a matter of debate.
Second on the list is Uniswap V2, of all projects. Its one-day overall fees have skyrocketed to over $2.3 billion. Some people may be surprised at this figure, even though the seven-day average fees sit at over $2.4 billion. For one-day fees, this is much higher than Bitcoin, which sits at $1.886 billion.
Zooming out a bit, it is clear that all Ethereum projects contend with high fees. In most cases, users pay those fees to access services and products, which isn’t ideal. Uniswap liquidity providers earn good money when the overall fees rise, as do users of other DEXes such as SushiSwap, Synthetix Exchange, and others. Oddly enough, Uniswap V1 still generates over $2,000 in daily fees today.
Weekly Figures Are A Bit Different
Looking further at the statistics, the seven-day average overall fees are a bit different. Ethereum remains in the first place, but Bitcoin reclaims second place. It is ahead of Uniswap V2 by over $700 million, a gap that can be overcome shortly. Again, higher fees for Uniswap users isn’t necessarily a positive development. Ethereum is very expensive to use in its current form.
It is also worth noting Uniswap V2 generates over twice the fees of SushiSwap. Assuming this indicates platform popularity, SushiSwap will have its work cut out. Surpassing the leading DEX is never easy, and it may prove impossible unless something changes soon.
What is equally impressive is how networks such as Stellar, Binance Chain, Litecoin, Polkadot, and Cardano have overall fees of $15,000 or less in the past week. An intriguing development and one worth keeping tabs on over the coming weeks.