Citing figures from CryptoFees, a website that compares the daily fees generated by the top blockchain networks and the fee flippening was observed by crypto industry blogger Evan Van Ness
On the Milestone, Hayden Adams, the founder of Uniswap stated that Bitcoin network fees, has been passed by Uniswap v2 LP fees and which is on a 7-day average and if cryptofees tracked v3, it would be higher.
Uniswap had generated $7.1 million in fees over the past 24 hours compared to Bitcoin’s $4.6 million as at the time of publication.
Although a million critics immediately pointed to high gas fees on Uniswap being responsible, Adams pointed out revenue in question was actually swapping fees paid to liquidity providers rather than gas fees. In fact he said gas fees in ETH generated by Uniswap are exponentially higher than Bitcoin’s transaction fees.
Uniswap has now flipped Bitcoin for two days in a row for liquidity provider fees according to the sit. The 7-day average for the decentralized exchange is also now higher than Bitcoin’s, with $5.9 million compared to $5.3 million
However Ethereum was streets ahead of both Uniswap and Bitcoin with a daily fee count of close to $90 million due to record high gas costs.
In a separate tweet, Adams stated that Ethereum layer-two scaling is badly needed, stating that today, Uniswap users alone have spent around $42 million on gas fees, adding “this is almost 5X what was spent on Bitcoin network fees during the same period”.