Decentralized exchange Uniswap will begin charging a 0.15% swap fee on certain tokens in its web application and wallet on Oct. 17.
According to a post by Uniswap founder Hayden Adams, the affected tokens are Ether (ETH), USD Coin (USDC), Wrapped Ether (wETH), Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Angle Protocol’s agEUR, Gemini Dollar (GUSD), Liquidity USD (LUSD), Euro Coin (EUROC) and StraitsX Singapore Dollar (XSGD). Shortly after publication, a spokesperson for Uniswap reached out to Cointelegraph, stating that “both the input and output token need to be on the list for the fee to apply.”
The interface fees will be deducted from the output token amount. In addition, fees will not be collected on swaps between Ether and Wrapped Ether trading pairs, nor on inter-stablecoin swaps.
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
“This interface fee is one of the lowest in the industry, and it will allow us to continue to research, develop, build, ship, improve, and expand crypto and DeFi,” Adams wrote, pointing to new developments in the Uniswap ecosystem such as “an iOS wallet, Android wallet, UniswapX, major improvements to our web app, Permit2, Uniswap v4 draft codebase, and more.”
Uniswap is one of the most popular decentralized exchanges in the industry. Based on data from DefiLlama, the DEX currently has $3 billion in total value locked, generating upward of $271 million in annualized protocol fee revenue. It has $12 million in its treasury and has raised $176 million from investors since its inception in 2018.
Cointelegraph previously reported on Sept. 27 that Uniswap Foundation, the DEX’s developer, is targeting $62 million in additional funding for building infrastructure and ecosystem grants. On Oct. 15, a new hook available on an open-source directory for Uniswap v4 generated controversy for its ability to require Know Your Customer verification before trading in the DEX’s liquidity pools.
Update (Oct. 16, 9:32 pm UTC): This article has been updated to include a statement from a Uniswap spokesperson.
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