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Bitcoin (BTC) Flipped in Daily Fees by One Ethereum DeFi


u.today May 04 2021 14:14, UTC
Reading time: ~2 m

An Ethereum supporter who goes by @FigoETH on Twitter shared the details of another Ethereum (ETH) flippening over Bitcoin (BTC).

One DeFi collects more fees than entire Bitcoin (BTC) blockchain

Uniswap, a flagship Ethereum-based decentralized cryptocurrency exchange, surpassed the whole Bitcoin (BTC) network in terms of fee value raised in 24 hours.

Uniswap surpasses Bitcoin (BTC)

Such estimations of Cryptofees.info dashboards were shared by Ethereum (ETH) proponent @FigoETH yesterday, on May 3, 2021.

Uniswap (UNI) is a DEX that allows Ethereum-based tokens to be exchanged among each other in a noncustodial manner. Also, it is used for "yield farming" by DeFi enthusiasts.

Uniswap made headlines in 2020 with a record-breaking airdrop. Those who registered and initiated at least one trade in Uniswap before September 2020 were rewarded with 400 UNI tokens. Today, one portion of UNI tokens airdropped is worth more than $16,000.

Uniswap (UNI) surpasses Bitcoin (BTC) amidst low fees

Uniswap has already surpassed Bitcoin (BTC) in January and March. Meanwhile, those "flippenings" occurred amidst network congestion and exorbitant Ethereum (ETH) gas fees.

In early May, gas fee rates remain stable despite increased network activity. Thus, this surpassing appears different: it is driven by an upsurge in the Ethereum (ETH) price.

All eyes in crypto are now on the Ethereum (ETH) price rally. The second crypto gained 8 percent in 24 hours yet again and is eyeing the $3,500 level.

As covered by U.Today previously, Ethereum (ETH) started surpassing global fintech giants by net market capitalization. At   $3,293, the entire Ethereum (ETH) supply exceeded that of Mastercard.


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