NFTs Over DeFi: OpenSea Just Overtook Uniswap on Ethereum Usage

Since last year, Uniswap has usually commanded the top spot.

AccessTimeIconAug 9, 2021 at 8:31 p.m. UTC
Updated Sep 14, 2021 at 1:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Non-fungible token (NFT) marketplace OpenSea topped the leaderboard in gas consumption on the Ethereum blockchain over the past 24 hours in a rare finish ahead of the decentralized finance (DeFi) exchange Uniswap.

Since last year, Uniswap – the largest decentralized exchange on Ethereum – has typically commanded the most in daily transaction fees, a key barometer for actual usage of the world’s second-largest blockchain.

The resurgence of NFTs from highs earlier this year, however, has helped put OpenSea in the top spot with over $1.9 million in gas spent on transaction fees in the past day. By comparison, a combined $1.57 million in transaction fees has been spent on Uniswap V2 and V3.

A slew of NFT projects have been launched in recent weeks, such as Pudgy Penguins, Sad Frogs District and Space Poggers. The projects host different types of auctions that allow users to mint a random NFT for a given amount of ether, the native currency of the Ethereum blockchain.

OpenSea is a secondary marketplace for these NFTs to be bid on and traded. Last month, the marketplace raised $100 million in a funding round led by Andreessen Horowitz.

Data site Glassnode projects that OpenSea could have $1 billion in volume this month with 300,000 unique users.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.