Uniswap has outperformed all other decentralized exchanges (DEXs) in terms of fees generated over the past month, according to the latest data from Token Terminal. With close to $100 million in fees collected, Uniswap DAO stands at the top of the list of the top 20 DEXs. In fact, Uniswap DAO has generated more fees than the combined total of the next four DEXs in the same period.
As of June 18, Uniswap DAO’s fee generation surpassed that of PancakeSwap, Aerodrome, Uniswap Labs, and GMX combined. While PancakeSwap and Aerodrome are on track to exceed $20 million in fees for June, the following two are significantly behind.
Token Terminal considers Uniswap Labs as a separate entity when analyzing Uniswap’s performance. This distinction is due to Uniswap Labs monetizing its platform by charging fees to users accessing the DEX protocol through its official frontend application.
In April, Uniswap Labs increased the fees for users accessing the DEX via its UI from $0.15 to $0.25 following a Wells Notice from the US Securities and Exchange Commission (SEC).
In terms of blockchain fees, Ethereum leads the pack in the past 30 days, followed by Tron and Bitcoin, according to Token Terminal. The majority of the top fee-generating applications are on Ethereum, with the platform generating nearly $180 million in fees. Tron comes in second with over $130 million, and Bitcoin is third with approximately $105 million.
Despite Ethereum’s high average transaction fee compared to other platforms, Base, a DEX platform native to Ethereum’s Layer-2, has seen a surge in user activity, leading to its inclusion in the top 20 fee generators on Token Terminal. Notably, Aerodrome, a DEX platform based on Base, generates about twice as many fees as its underlying Layer-2 blockchain.