Uniswap Is the Number One Gas Guzzler on Ethereum – CoinDesk – Coindesk

Uniswap Is the Number One Gas Guzzler on Ethereum – CoinDesk – Coindesk

Decentralized exchange Uniswap is the number one gas burner on Ethereum. It has been responsible for close to 30% of all transactions initiated on the network in the last 8 hours. 

Since as early as Nov. 13, Uniswap has consistently ranked as the top decentralized application (dapp) for the amount of fees used. The runner-up for this same time period, making up about 11% of total fees on Ethereum, is Tether, the company behind the eponymous dollar-pegged stablecoin that began to migrate its token supply onto Ethereum back in 2019. 

Computational resources on Ethereum are measured in units of gas and paid for by users on the network in the native cryptocurrency ETH. Since the official debut of the second iteration of Uniswap in March, users have paid close to 240,000 ETH to use the dapp, which is equivalent to roughly $146 million at time of writing. 

More specifically, users have been paying for the Uniswap router, which enables swaps between Ethereum-based tokens. There are two other known components to Uniswap and that is its token distributor and governance token, UNI. These components are less frequently interacted with by users and only make up about 1% and 3%, respectively, of the transaction activity generated by the Uniswap router.