Uniswap Introduces Transaction Fee: 0.15% Swap Fee on Select Tokens
Crypto News – Uniswap Labs, the innovative force behind the decentralized trading protocol Uniswap, is embarking on a significant venture by implementing transaction fees for the first time in the protocol’s history.
The native token of Uniswap, UNI, experienced a 2.4% decline in value in anticipation of these new transaction fees. This decline coincided with a surge in Bitcoin’s price, resulting in a 4.5% drop in UNI’s value relative to the leading digital asset.
Hayden Adams, the creator of Uniswap, made the announcement, specifying that a 0.15% swap fee would be applied to specific tokens traded through their web application and wallet, effective as of October 17.
Uniswap Labs is placing a strong emphasis on transparency and sustainable operations, asserting that this decision aligns with their long-term vision. Adams explained that the company aims to preserve the protocol as a permissionless, decentralized public asset.
Reportedly, the fee collected will bolster ongoing research, development, and expansion efforts at Uniswap Labs, ultimately enhancing the interface and providing users with a superior experience. It’s important to note that this fee implementation is distinct from the Uniswap Protocol fee switch, which is subject to votes by UNI token governance.
Uniswap Labs’ resolution has resulted in a flat fee of 0.15% on a select group of tokens, including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, XSGD, as outlined in their help center. This fee will be applicable solely to swaps involving these tokens conducted through Uniswap Labs interfaces on the mainnet and supported layer 2 solutions.
However, transactions between stablecoins and between ETH and WETH will be exempt from this fee, enhancing cost-effectiveness for specific user transactions.
Uniswap Labs asserts that this fee is among the lowest in the industry when compared to other DeFi and CeFi platforms. Users will have the ability to review these fees in both the Uniswap web application and wallet, with the interface fee clearly visible in the swap detail section.
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