Uniswap has emerged as the leading decentralized exchange (DEX) in terms of fees generated over the past 30 days, as per recent data from Token Terminal. With almost $100 million in fees accrued in the last month, Uniswap DAO holds the top position among the top 20 DEXs. Notably, Uniswap DAO has outpaced the combined fee generation of the following four decentralized exchanges in the same period: PancakeSwap, Aerodrome, Uniswap Labs, and GMX. On June 18, Uniswap DAO’s accumulated fees exceeded the total fees of PancakeSwap, Aerodrome, Uniswap Labs, and GMX combined.
While PancakeSwap and Aerodrome are on track to surpass $20 million in fees for June, the latter two are significantly trailing behind. It is noteworthy that Token Terminal treats Uniswap Labs as a separate entity due to its monetization through fees charged to Uniswap users. The fees apply to accessing the DEX protocol via Uniswap Labs’s 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).
According to the latest statistics from Token Terminal, the top blockchain and dApps platforms by generated fees in the past 30 days are Ethereum, Tron, and Bitcoin. Majority of the top fee-generating applications are on Ethereum (both L1 and L2s). Ethereum leads with nearly $180 million in fees, followed by Tron with over $130 million, and Bitcoin with approximately $105 million. Token Terminal emphasized Ethereum’s dominance in fee generation, noting that Base-native DEX platform Aerodrome generates roughly twice the fees of its underlying Layer-2 blockchain, despite Ethereum’s relatively low average transaction fee of ~$0.03.
It’s also important to highlight that Base, with its surge in user activity on the L2, holds a position among the top 20 despite the lower average transaction fee compared to Ethereum L1.
