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Uniswap: Ethereum miners gained almost $1M in fees within an hour

ethereum
  • Ethereum miners spent nearly $1 million in fees within an hour
  • The Median Ethereum gas price reaches 700 Gwei
  • Uniswap token (UNI) supposedly triggered more activity in the DeFi market

Ethereum miners have made another hourly revenue record probably due to the introduction and airdrops of the newly launched Uniswap protocol token (UNI). According to the Glassnode, a blockchain data and intelligence provider, Ethereum miners earned close to $1 million in just an hour, as DeFi traders raced to grab the UNI token.

UNI token: a blessing in disguise for Ethereum miners

As Glassnode shared on Twitter today, Ethereum miner earned about $938,000 within an hour. This sets a new record on the miners’ hourly transaction fee. The tweet reads:

Following UniswapProtocol’s announcement of the $UNI token today, #Ethereum saw a massive surge in miner fees. Almost $1M USD in fees was spent in a single hour!. This is a new record high (anomalous tx fees earlier this year excluded).

Additionally, the current Uniswap-led rush in the DeFi market has supposedly pushed up the median Ethereum gas price a bit further. Glassnode noted that it reached a level as high as 700 Gwei.

The surging transaction fees might be an advantage to Ethereum miners, however, it is not for the network users. The high fees have been racking the users as the decentralized finance market gained more traction. Commenting on the development today, the CEO at Three Arrows Capital, Su Zhu, exclaimed:

I know [markets] are up and whatnot, but Ethereum usability is absolutely atrocious today.

The Uniswap token

As Cryptopolitan reported, the now-trending Uniswap token was launched earlier today, marking the complete start of a community-led era for the decentralized exchange (DEX). UNI, which is the governance token of Uniswap, gained quick listing on Binance and Coinbase exchange, which saw the price shoot up a few hours ago.

As per CoinGecko, the UNI token began trading around $1.76 after the launch. From that price level, it surged to as high as $4.08 before shading a few shading points. The token now trades at $2.60 at the time of writing.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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