Trading volume on decentralised exchanges surged to $11.2 billion on Thursday, the day the Securities and Exchange Commission approved a set of filings for spot Ethereum exchange-traded funds.
That was the highest amount of trading volume on a single day since March 18.
Uniswap, the largest decentralised exchange, or DEX, especially benefited from the increase, generating $5.5 billion in trading volume on Thursday alone, with Ether accounting for nearly $3 billion of that volume.
Ether is the native token of the Ethereum blockchain.
The figure for Uniswap surpasses the trading volume of any blockchain on which Uniswap operates and accounted for 48.9% of the total volume on DEXs.
Ethereum, the largest blockchain by trading volume, recorded $4.4 billion on Thursday.
The increased trading activity propelled Uniswap to the No. 3 spot in fees generated over the past 24 hours, with $4.9 million. All of these fees go to users who provide liquidity on the DEX.
Uniswap Labs, the company that builds and maintains Uniswap, charges a 0.25% fee on trades through the Uniswap website. It netted $661,000 in fees on Thursday.
Since the fee was implemented in October, it has generated $30.6 million in revenue for Uniswap Labs.
In March, Devin Walsh, executive director of the Uniswap Foundation, proposed directing a portion of liquidity provider fees to UNI token holders.
However, complications arose when Uniswap Labs revealed on April 10 that it received a Wells Notice from the SEC.
Still, that hasn’t had a material impact on Uniswap’s trading activity, as traders have generated $152 billion since the notice went public.
Nevertheless, it has slowed down the proposal from Uniswap Labs, with no official update since April 9.
The governance token for Uniswap, UNI, was recently trading at $9.08, down 1.8% in the last 24 hours and down 17.8% since April 10.
Ryan Celaj is a data correspondent at DL News. Got a tip? Email him at ryan@dlnews.com.
