Okay, look at this.
Now let that sink in for a second.
That’s right. Over 24 hours the fees paid on Ethereum were 12 times higher than the fees paid on the Bitcoin network in the same time period. Not only that, but the fees paid just on Uniswap were two times larger than Bitcoin fees. This shows the incredible demand for DeFi, and by extension the demand the Ethereum network is experiencing right now.
Sure, scalability issues are a contributor to this fee hike, but it doesn’t change the fact that the Ethereum network is popping off right now. It’s because the majority of DeFi is hosted on Ethereum and DeFi has been reaching new heights of popularity and hype every single day.
Just take a look at Ethereum transactions. We’re nearing an all time high, but the price isn’t even at 50% of the 2018 high.
The rise of DEXs
The DeFi hype has driven a new found desire to use decentralized exchanges (DEXs), with Uniswap leading the charge.
DEXs have, up until recently, been fairly low key. There was a core group of crypto investors that preached the importance of DEXs, but it didn’t really resonate with the larger crypto sphere. They weren’t taking off.
With DeFi interest shooting up, Uniswap has shown how important DEXs are to the crypto ecosystem. The main thing about Uniswap, or most other DEXs for that matter, is the ability for anyone to list their token. A developer can release a token, build a community and then put it out to the masses via Uniswap without needing to deal with the pain points of centralized exchanges.
That’s what’s great about being decentralized. Everything can move fast and free. Tokens are being made, listed and reaching millions of dollars in trading volume, all in less than a day.
Anyone can use Uniswap to make their token available for buying and selling by adding the liquidity themselves, and it’s proven to be a powerful tool. Tokens that start on market caps below $1 million on Uniswap now have gone up 100x or more in price in just a few days after listing on Uniswap. It’s a combination of hype, ease of use and incredible accessibility.
Without a doubt, Uniswap and Ethereum is the place to be right now. That’s where all the action is happening. It’s been shown time and time again that Uniswap combined with hype can send tokens into the stratosphere.
Tixl coming to Ethereum and Uniswap
It’s official. Tixl is coming to Ethereum and will officially be listing on Uniswap on 9th September. Less than a week away! Along with this will come a token swap from MTXLT -> TXL.
The Tixl team has also teased some big news coming on the listing day about how they are going to be jumping further into the DeFi ecosystem.
Tixl (MTXLT) has been performing well outside of Ethereum and Uniswap, so it will be very interesting to see how price will be affected once Tixl joins the party.
If you’re curious about how Tixl is moving to Ethereum and how the token swap process is going to work, check out this article.
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.