As per the recent development, Uniswap will begin charging a 0.15% swap fee on some of its tokens from October 17 this year. Based on the recent tweet by Uniswap founder Hayden Adams, it has become understandable that these affected tokens include ETH, USDC, wETH, Tether, DAI, and many more. Not too long after this announcement, it was clarified that it is necessary for the input and the output token to be on the list in order for the fee to apply. 

I work in crypto because of the immense positive impact I believe it can have on the world, removing gatekeepers and increasing access to value and ownership.

I’m proud of the ways @Uniswap Labs has contributed to that effort and want to make sure we’re creating sustainable…

— hayden.eth (@haydenzadams) October 16, 2023

Despite making the decision to charge a minor swap fee, Uniswap is working to ensure that it puts up powerful and sustainable systems that not only uphold the workforce but also boast both transparency and sustainability. Furthermore, this fee would be deducted from the overall output amount of a certain token.

Users were also told that the swap fee would not be charged on swaps between ETH and wrapped ETH trading pairs. With that being said, the swap fee would also not be charged on any inter-stablecoin swaps. 

Uniswap Strengthens its Commitment to Innovation 

Adams continued to explain that the recently implemented swap fee is among the lowest within the crypto industry. Despite its implementation, it would still allow Uniswap to research, develop, build, and improve both the crypto and the DeFi ecosystems. New developments within the Uniswap ecosystem were also highlighted and these include IOS and Android Wallets, major developments in the platform’s web application, and much more. 

Following the implementation of this fee, users now have the opportunity to utilize this service either by the use of aggregators or by the use of several other UIs. These users may also decide to interact directly with smart contracts. This swap fee must not be confused with the Uniswap Protocol fee switch which is voted on by the UNI governance token. Some additional services that the protocol has launched so far include the UniswapX Beta Protocol and its NFT aggregator. 

Since its inception in 2018, the platform has become a part of the most popular decentralized exchanges. Data from DefiLlama indicates that the exchange currently has $3 billion in TVL. The platform also holds a sum of $12 million in its treasury and has raised a total sum of $176 million from investors till now.

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Filed under: News - @ October 17, 2023 5:18 am