Uniswap Merchants Paid $ 7 Million Ethereum Fees

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Approximately $ 7 million in Ethereum Gas was paid in the past month alone, according to data provided on Uniswap, a decentralized exchange.

Uniswap was first opened to users as the preferred decentralized exchange, DEX, for new projects, fraudsters and traders. Anyone can list ERC20 tokens in this protocol established in 2018. Of course, since there is no control mechanism in this case, many fraudulent cryptocurrencies are also listed and the number of victims increases without slowing down.

Interestingly, even wave-oriented or completely frivolous projects can get serious investment through Uniswap. For example, the local crypto currency TEND of the so-called deflationary project Tendies last month, together with the meaningless flood of investors, rose to over $ 7 million in a single day.

Meanwhile, the stablecoin Tether, fixed with the US dollar 1: 1, became the most gas-consuming crypto currency in Ethereum. Users spent over $ 6.3 million for fees.

Interestingly, the third largest gas user was the controversial project Forsage, dubbed a fraud. The project has recently come under the surveillance of the Philippines government, as it operates on a pyramid scheme.

The DeFi industry grew by an impressive 100% from July to August. In the last 24 hours, it has decreased by 6.7% and 2.98% compared to the previous week. The DeFi sector, which has risen to $ 5.08 billion in industry volume, represents more than 3.58% of the total crypto money market.

What is DeFi (Decentralized Finance)?

“DeFi”, which stands for Decentralized and Finance (Finance), is the name given to the financial system built on blockchain networks, which is not connected to any center and does not need any authority, as its name suggests.

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If we consider the concept of “Decentralized Finance” in more detail; We can call it an ecosystem that is open to everyone, open source, not based on permission, not managed by an authority and built on the principle of transparency.

The biggest advantage of DeFi is definitely the ease of sending money across borders. Especially people who regularly transfer money abroad are exposed to high commission rates and also face many bureaucratic obstacles. At the top of these bureaucratic obstacles are the embargoes imposed by countries.


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