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Almost $7 Million Spent on ETH Gas on Uniswap

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Almost $7 Million Spent on ETH Gas on Uniswap

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Data from the EthGasStation press release shows that the Uniswap decentralized exchange is where users spend the most on Ethereum (ETH) on gas payments in the past 30 days.

Uniswap participants spent a total of 17,700 Ethereum as fuel on their transactions, spending $6.99 million last month. Tether (USDT) comes in second. Traders spent a total of $6.39 million worth of ETH to trade popular stablecoins.

In the past few weeks, Uniswap has taken the crypto world by storm. Participants in the crypto room have caught the latest hype. 

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So far, Uniswap has helped promote the prosperity of the decentralized financial markets (DeFi). This provides speculators with the opportunity to acquire industry-related assets. In a speculative season similar to 2017, some DeFi assets have skyrocketed. Simultaneously with this step, the price of Ethereum gas has also increased.

Decentralized Exchanges

A decentralized exchange (DEX) is a cryptocurrency exchange that works in a decentralized manner (i.e. without central authority). Decentralized exchanges enable peer-to-peer trading in cryptocurrencies.

Users do not need to transfer their assets to the exchange. This way, the decentralized switch reduces the risk of hackers breaking into the switch. Decentralized exchanges can also prevent price manipulation or incorrect trading volumes through wash trading. They are more anonymous than exchanges that meet your customers’ requirements.

Uniswap Protocol

Uniswap is a protocol from Ethereum that is used to exchange ERC20 tokens. The Uniswap protocol trades tokens without creating a demand between buyers and sellers. The protocol achieves this through equations that automatically set and balance the value based on demand.

The protocol Uniswap is designed to act as a public good. This is a community trade token tool with no platform fees or middlemen. Unlike most exchanges which determine prices and execute transactions from matching buyers and sellers, Uniswap uses a simple math equation and a pool of tokens and ETH to accomplish the same task.

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