A recent analysis by on-chain data platform Token Terminal has revealed that decentralized cryptocurrency exchange Uniswap Labs has generated over $1 million in cumulative front-end fees in just under 24 days.
According to a post by reporter Colin Wu, this amounts to an estimated annual revenue of approximately $15.2 million for the platform
Uniswap Labs was founded in 2018 by Hayden Adams and it serves as the core development team behind the Uniswap decentralized exchange protocol. Built on the Ethereum blockchain, Uniswap has rapidly emerged as one of the largest and most widely used DEX platforms in the world.
This recent data highlighted by Token Terminal shows that while Uniswap’s daily fee rate dropped 43.5% in the past day, it has increased by 69.8% over the past week. In the past month alone, it has generated $1.09 million in revenue.
Furthermore, the platform’s native token, UNI, is currently trading at $5.45 reflecting a 2.14% increase within the last day and an impressive 12.91% surge over the past week. With a market capitalization of over $3 billion, UNI is now ranked the 26th largest cryptocurrency.
Also Read: Crypto Analyst Predicts “Lollapalooza Effect” Will Propel XRP to New Highs
