Uniswap to Implement 0.15% Swap Fee on Select Tokens for Future Crypto Development
Summary:
Starting from October 17, decentralized exchange Uniswap will implement a 0.15% exchange fee on specific tokens. The fee, one of the lowest in the industry, is intended to fund future development and expansion of cryptocurrency and decentralized finance. No fees will be applied on exchanges between Ether and Wrapped Ether pairs, or inter-stablecoin swaps. The decision follows Uniswap Foundation's aims to raise $62 million for infrastructure development and ecosystem grants, with controversy recently arising from a new hook for Uniswap V4 that mandates know-your-customer verification for trading in its liquidity pools.
Starting from October 17, the decentralized exchange Uniswap will implement a 0.15% exchange fee on specific tokens on their web application and digital wallet. The tokens impacted by this decision, as stated by Hayden Adams, the founder of the exchange, include Ethereum, USD Coin, Wrapped Ether, Tether, DAI, Wrapped Bitcoin, Angle Protocol, Femini Dollar, Liquidity USD, Euro Coin, and StraitsX. These fees will be subtracted from the total token amount. Furthermore, there will be no fees for exchanges between Ether and Wrapped Ether pairs, or inter-stablecoin swaps.
Maintaining that his mission in the crypto industry is to remove obstructions and expand access to wealth and ownership, Hayden Adams expressed his pride in the contributions by Uniswap Labs towards this goal. He asserted that the new fees were among the lowest in the industry, and would be vital for the future growth, development, improvement and expansion of crypto and decentralized finance. He cited the forthcoming features in the Uniswap ecosystem such as compatible wallets for iOS and Android, UniswapX, key enhancements to the web application, Permit2, the preliminary Uniswap v4 codebase, and others.
Uniswap has established itself as one of the leading decentralized exchanges in the sector. As per the information from DeFiLlama, Uniswap currently boasts of a total locked-in value of $3 billion, generating more than $271 million in yearly protocol fee revenue. It has reserves of $12 million, and has managed to raise $176 million from backers since its establishment in 2018.
In September, it was reported that Uniswap Foundation, the developer of the platform, was aiming to secure an additional $62 million to contribute towards infrastructure development and ecosystem grants. Also causing a stir on October 15 was the controversy surrounding a new hook for Uniswap V4, available on an open-source directory. The hook allows for a mandatory requirement for know-your-customer verification before trading in liquidity pools operated by the decentralized exchange.
Published At
10/16/2023 9:10:00 PM
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