Quicktake:

• Ethereum ETF approval drives decentralized exchange (DEX) trading volumes to $11.2 billion.
• Uniswap leads with 48.9% of DEX volume, totaling $5.5 billion.
• Liquidity providers earn $4.9 million in fees, while Uniswap Labs collects $661,000.

Main Article:

Decentralized exchange (DEX) trading volumes soared to $11.2 billion on Thursday, propelled by the Securities and Exchange Commission’s approval of spot Ethereum exchange-traded funds (ETFs). This surge marked the highest daily trading volume since March 18.

Uniswap, the leading DEX, emerged as the primary beneficiary of this surge, boasting a staggering $5.5 billion in trading volume on Thursday alone, with Ether contributing nearly $3 billion to that total. Notably, Uniswap’s volume surpassed that of any other blockchain it operates on, capturing 48.9% of the total DEX volume.

Over the past seven days, Uniswap has maintained an average trading volume of $2.8 billion, consolidating its position as a powerhouse in the decentralized exchange landscape.

The approval of Ethereum ETFs also propelled Ethereum to record a trading volume of $4.4 billion on Thursday, reinforcing its status as the largest blockchain by trading volume.

Uniswap’s exceptional trading activity catapulted it to the third position in terms of fees generated over the past 24 hours, with liquidity providers earning $4.9 million in fees. Uniswap Labs, the entity behind Uniswap’s development, collected $661,000 in fees from trades facilitated through the platform, bringing its total revenue since implementing fees in October to $30.6 million.

Despite challenges such as a Wells Notice from the SEC received by Uniswap Labs in April, which slowed down proposals to direct liquidity provider fees to UNI token holders, Uniswap’s trading activity remained robust. Since the public disclosure of the Wells Notice, traders have generated an impressive $152 billion in volume.

However, the proposal from Uniswap Labs has faced delays, with no official updates provided since April 9. The governance token for Uniswap, UNI, experienced minor fluctuations, trading at $9.08, reflecting a 1.8% decline in the last 24 hours and a 17.8% decrease since April 10.