Uniswap daily active users hit a two-year high

On 19 April, the daily number of active users of the decentralised exchange Uniswap reached 84,796 for the first time since May 2021.

Gas fees on the Ethereum network rose alongside the uptick in the protocol’s metrics. The metric jumped several-fold, exceeding 100 Gwei. At the time of writing, the average on-chain fee stood around 40 Gwei. Meanwhile, the bulk of activity remains concentrated on Uniswap.

The uptick in the protocol’s metrics is likely linked to a fresh wave of meme-token popularity.

On 14 April, Uniswap launched the Pepe (PEPE) token, which, in a matter of days, surged by thousands of times. But, despite the rapid momentum and price spike, traders cannot cash out their tokens due to liquidity issues and weak demand.

However, one user managed to earn over $2 million in less than a week through PEPE trades. Before this, the MEV bot pulled in about $1.5 million in profits in pairs with the meme-token, spending $1.3 million on gas.

Earlier in March, the Uniswap team rolled out the third version of the protocol on the BNB Chain.

In April, the exchange community approved an integration with Polygon zkEVM.