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DeFi summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms

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Decentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a seven-day rolling average.

The surge appears part of a recent spate of high demand for DeFi amid the current bear market. Decentralized finance (DeFi) platforms such as AAVE and Synthetix have seen surges in fees paid over the past seven days, while their native tokens, and others such as Compound (COMP) have also boomed in price too.

According to data from Crypto Fees, traders on Uniswap accounted for an average daily total of $4.87 million worth of fees between June 15 and June 21, overtaking the average fees from Ethereum users which accounted for $4.58 million.

Uniswap’s most advanced V3 protocol (based on the Ethereum mainnet) accounted for the lion’s share of the total fees with $4.4 million, while the V2 variant also contributed a notable $336,556.

During this period, Ethereum’s total fees only outpaced Uniswap’s on two days out of the seven. In terms of a peak day of fees generated, Uniswap topped out at $8.36 million on June 15, beating out Ethereum on the same day at $7.99 million.

Top fees paid: Crypto Fees

Uniswap enables peer-to-peer (P2P) swaps of Ethereum-based tokens without having a central authority to facilitate trades. This is achieved by automated smart contracts. Under Uniswap’s fee structure, fees are paid by traders to liquidity providers who receive 100% of the fees on the DEX.

Related: Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

Considering Ethereum is the blockchain home to the majority of DeFi, and is known for its expensive fee structure, a DEX such as Uniswap beating out the blockchain in fees over a week is notable.

According to data from CoinGecko, UNI has pumped 17.4% over the past seven days to sit at $5.18 at the time of writing. Recent acquisitions of the NFT marketplace aggregator Genie and the appointment of the former president of the New York Stock Exchange Stacey Cunningham as an advisor at Uniswap Labs may have contributed to this.

DeFi surge

Uniswap is not the only platform to see a surge in its fees and token price of late, as data is also showing strong investor demand for several DeFi platforms despite the current bear market.

Lending protocol AAVE and synthetic derivatives trading platform Synthetix in particular are ranked third and fifth in terms of average fees paid over the past seven days with $981,883 and $600,214 apiece.

Much like Uniswap, AAVE saw a surge of fees on June 15, as its total increased by 69% to $1.44 million. Its native token AAVE has also pumped 22% since then.

Sythentix’s rise has been the most notable. The platform saw a whopping 928% increase in fees paid between June 11 and June 13 as the figure rose to $843,297. The total fees then dropped to roughly $400,000 by June 17, before surging another 150% to roughly $1 million on June 19.

The boom can also be seen by observing Synthetix’s native asset SNX, the price of which has gained 105% since June 19 to sit at $3.08 at the time of writing. A key reason behind this appears to be the Synthetix Improvement Proposal 120 that went live last week that enables users to “atomically exchange assets without fee reclamation” therefore increasing the speed of trading.

Bucking this trend however, fees on lending platform Compound have been declining since April, and generated a mere seven day rolling average of $11,753 over the past week, though its native token COMP has increased 16.7% within that time frame to sit at $40.50.



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Blockchain

6 Questions for Daniel Yan of Matrixport – Cointelegraph Magazine

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We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!


 

This week, our 6 Questions go to Daniel Yan, founding partner and chief operating officer at Matrixport — a digital assets financial services platform where users can invest, trade and leverage crypto assets.

 

Hey guys, this is Dan — I am a founding partner at Matrixport. I have been COO of the company since 2019 overseeing the day-to-day operation of the company. Late last year, I started to spend most of my time building Matrixport Ventures — the venture investment arm of the company. It has been a great experience for me both personally and professionally. There has not been a boring day since I dipped my toes into crypto, let’s say! Prior to my stint in crypto, I was an options trader in the investment banking industry. 

 


1 — From smart contracts and DApps to NFTs and DeFi, we have seen so many of the next “killer apps” for crypto, but none have really taken off quite yet. What will stick?

I will have to first challenge the statement that “none have really taken off quite yet!” Ethereum for smart contract, OpenSea for NFTs, MetaMask for DApp, and Uniswap for DeFi — by my standard, they are all moment-defining successful projects. 

I believe all of them will stick and present themselves as key components of the “Web3 world” we are going into.

Will there be challengers and totally new categories that we can’t even fathom right now? Absolutely. That’s the beauty of the crypto world. For most people, DeFi was not a thing till 2020, NFT was not a thing till 2021. We will continue to see category-defining innovations coming along as we progress as an industry.

 

2 — What has been the toughest challenge you’ve faced in our industry so far?

There are many, but if I have to choose one, that would be managing the extremely cyclical volatility and turbulence in the industry. 

Due to the nascent nature of the industry (yes, still), things tend to be very volatile both ways — no matter in a bull market or a bear market. Throughout these turbulences, there will always be customers that don’t feel the best — no matter what’s on their positions, their executions or simply on the mood. We always try to help customers go through these times better, and that sometimes means tough conversations, difficult decisions, and other things that’s not so easy. 

 

3 — Which people do you find most inspiring, most interesting and most fun in this space?

This could be a cliche answer already, but I think Sam Bankman-Fried is my pick. First, he built an extremely successful business at Alameda and FTX. Then, he became a very vocal supporter on multiple key frontiers in the industry and managed to contribute in a substantial way to the growth of them (Alternative L1, DeFi). At the same time, he managed to build his influence in the traditional finance and regulatory space — now a key lobbyist power for the crypto industry.

It takes a lot to achieve just one of the three, so I think the fact he managed to hit all three is beyond impressive.

 

4 — What’s the unlikeliest thing to happen on your bucket list?

Bitcoin goes to $100, and I buy loads of them.

 

5 — What were you like in high school?

Geeky, goofy and shy. Let’s say I have come a long way from then… 

 

6 — What should we be teaching our kids?

Kindness, courage and confidence. 

They are quite self-explanatory, so I guess I don’t need to elaborate more. 

However, they are easier said than done — from time to time, I will have to remind myself of these and try to do better.

 

A wish for the young, ambitious blockchain community:

Be courageous, and don’t be afraid to fail. Keep building, and WAGMI!



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Sam Bankman-Fried provides bailouts, ‘Bitcoin dead’ searches soar, and debate over hidden themes behind BAYC continues: Hodlers Digest, June 19–25

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

 

 

SBF and Alameda step in to prevent crypto collapse contagion

Sam Bankman-Fried stated on June 20 that his firms Alameda Research and FTX would be “stepping in” to help companies with liquidity troubles amid the current bear market. Over the course of the week, Alameda dished out a loan of roughly $500 million to Voyager Digital, which is suffering from exposure to the potentially insolvent Three Arrows Capital, while FTX supplied BlockFi with $250 million worth of credit.

 

New video revives debate over Bored Ape Yacht Club’s alleged ‘racist’ imagery

YouTuber Philip Rusnack, known as Philion, published a video this week on Yuga Labs’ Bored Ape Yacht Club nonfungible token (NFT) project, arguing that the team has embedded alt-right inside jokes, Nazi imagery and racist caricatures of Black and Asian people in the artwork depicted in the tokenized avatars. Such a notion has been a long-running conspiracy theory in the NFT community, and while many people laugh it off, others take the supposed evidence as gospel.

 

 

‘Bitcoin dead’ Google searches hit new all-time high

With Bitcoin crashing back down to the lower $20,000s, Google searches for “Bitcoin dead” spiked in the week of Friday, June 18, and hit some of the highest levels on record. Google Trends tracks search interest over time and assigns scores of 1 to 100 based on the total number of user searches. During this period, “Bitcoin dead” achieved a perfect score of 100.

 

Bitcoin S2F model gives false sense of certainty, says Vitalik Buterin

Ethereum co-founder Vitalik Buterin has critiqued the stock-to-flow (S2F) model popularized by pseudonymous investor PlanB. The BTC-focused S2F drew significant attention during the bull run last year, as it went on a relatively long streak of accurate predictions before falling way off the mark in late 2021. Commenting on the S2F model, Buterin noted, “I know it’s impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get.”

 

Solend invalidates Solana whale wallet takeover plan with second governance vote

Solana-based DeFi lending protocol Solend created a counter governance vote to the controversial “SLND1 : Mitigate Risk From Whale” poll this week after listening to the strong pushback from the community. The initial vote was intended to allow Solend to reduce the market risk of a massive whale’s potential liquidation by letting the platform access the whale’s wallet. However, the idea has been vetoed after the countervote polled 1,480,264 votes in favor of not going through with the whale takeover.

 

 

 

 

 

Winners and Losers

 

At the end of the week, Bitcoin (BTC) is at $21,241.99, Ether (ETH) at $1,214.06 and XRP at $0.37. The total market cap is at $952 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Storj (STORJ) at 89.27%, Synthetic (SNX) at 74.21% and Polygon (MATIC) at 51.76%. 

The top three altcoin losers of the week are Harmony (ONE) at 4.06%, KuCoin Token (KCS) at 1.93% and PAX Gold (PAXG) at 1.55%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

 

 

 

 

Most Memorable Quotations

 

“Particularly in the area of digital asset trading, I feel that the UK has missed a trick […] We are getting very close to the point where it will be too late. Other jurisdictions are racing ahead of us.” 

Philip Hammond, former U.K. Chancellor of the Exchequer 

 

“In short, they are just ‘bad’ projects. These should not be saved. Sadly, some of these ‘bad’ projects have a large number of users, often acquired through inflated incentives, ‘creative’ marketing, or pure Ponzi schemes.” 

Changpeng Zhao, founder and CEO of Binance 

 

“The SEC now seems to take the position when they sued us that ‘XRP is a security and always has been,’ but they approved Coinbase going public even though Coinbase is not a registered broker-dealer.” 

Brad Garlinghouse, CEO of Ripple

 

“Web3 and crypto, in general, is very market-driven, so you have highs and downs. When we build, we always are considering the long game.” 

Stani Kulechov, founder and CEO of Aave 

 

“When things are a bit harder in the market, you discover who’s actually building something that might last for the long longer term and what is going to pass away.” 

Hester Peirce, commissioner of the SEC 

 

“Even if we weren’t the ones who caused it, or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive.” 

Sam Bankman-Fried, founder of Alameda Research

 

Prediction of the Week 

 

‘Foolish’ to deny Bitcoin price can go under $10K — Analysis

With the price of BTC hovering around $20,000 and the Fed yet to reveal any new information regarding efforts to reel in inflation, crypto commentators have argued that the outlook of the price in the immediate term is uncertain. However, a potential fresh pullback may only involve a trip to $16,000, according to some, while others have urged investors to consider a drop to $10,000 as a potential scenario also. 

“Consolidating $BTC in a broad range and then going up. MDD (maximum drawdown) is not that big like -20%,” Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, wrote in part of a Twitter post.

“At this stage, nobody can say with certainty whether BTC will hold this range or if it will go to sub $10K price levels ever again, but it would be foolish not to have a plan for that possibility,” a tweet argued.

 

 

FUD of the Week 

Harmony’s Horizon Bridge hacked for $100M

The Horizon Bridge to the Harmony layer-1 blockchain was exploited for $100 million worth of altcoins on June 24. From 7:08 am EST until 7:26 am EST, 11 transactions were made from the bridge for various tokens before sending the tokens off to Uniswap to exchange for ETH. The Harmony team said it is working with “national authorities and forensic specialists” to determine who was responsible, and a post-mortem will follow.

 

China’s WeChat bans crypto and NFT-related accounts

Social media and payments app giant WeChat updated its policies to ban accounts that provide access to crypto or NFT-related services. Under the new guidelines, accounts involved with the issuance, trading and financing of crypto and NFTs will be categorized as an “illegal business” and will either be restricted or banned outright.

 

Iranian government to cut power supply for the country’s legal crypto mining rigs

According to reports from local media outlets this week, Iran’s Ministry of Energy will have started shutting off the power supply to all of the country’s licensed crypto mining firms by the beginning of July. The government entity cited a potential electricity deficit during the peak summer season as the reason.

 

 

Best Cointelegraph Features

The community-centered approach to Web3 — Aave founder and CEO

“What if we actually can have ownership on our own presence in social media — our profiles, our social identities?” asked Stani Kulechov.

Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?

BTC’s high volatility and halving-related bear markets tend to drag down investment and interest in the entire crypto market. Can this be avoided?

Lummis–Gillibrand crypto bill comprehensive but still creates division

The senators introduced new approaches to familiar questions concerning digital assets and how to divide regulatory responsibilities. 

 

 

 



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Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

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The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). 

According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.

Bitcoin network power demand from 2018-2022. Source: ccaf.io

On June 16, a Cointelegraph report highlighted how the banking sector utilizes 56 times more energy than the Bitcoin ecosystem. Publisher Michel Khazzaka, an IT engineer, cryptographer and consultant said in an exclusive interview:

“Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”

The sudden reduction in Bitcoin’s power demand can be attributed to the falling hash rate. The mining hash rate serves as a key security metric, the computing power required by BTC miners to successfully mine a block.

Bitcoin hash rate graph for 2022. Source: blockchain.com 

Bitcoin’s mining difficulty reached an all-time high of 231.428 EH/s on June 13, which was followed by over a -13.9% drop over two weeks. The latest breakdown of the hash rate distribution shows F2Pool and AntPool as the biggest known miners with each mining 81 and 80 blocks over the last four days respectively. 

Related: Scientists claim to have designed a fully decentralized stablecoin pegged to electricity

A group of researchers, under federal funding, designed a class of stablecoin dubbed the Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information.

As explained by Cointelegraph, the E-Stablecoin would be minted through the input of one kilowatt-hour of electricity, plus a fee, which could then be used for transactions the same way as any stablecoin.



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