Ethereum and Bitcoin Futures Interest Nears Record Highs; Uniswap Surpasses Bitcoin in Fee Earnings

By: Isha Das

Market Developments

Interest in the futures of major cryptocurrencies like Ethereum and Bitcoin are seeing unprecedented growth. The volume of open futures contracts, also known as 'futures open interest', is nearing all-time highs for both Ethereum and Bitcoin. Ethereum's open interest standing at $10.5 billion, mirrors November 2021’s peak at $11 billion reached when the price of ETH was approximately $4,700. Bitcoin's notional value mirrors levels from May and November 2021, when Bitcoin traded at over $60,000.

In the meantime, decentralized exchange Uniswap's earnings have surpassed those of Bitcoin in the form of transaction fees, thanks to a proposed fee reward mechanism for UNI token holders by the DEX Foundation. This surge in fees come at an interesting time, coinciding with Bitcoin's recent increase in network fees. According to recent data, Uniswap has been generating an average of $2.1 million in fees per day over the past week, compared to Bitcoin's $1.4 million.

Despite this, Ethereum remains the undisputed leader in the transaction fees segment. The Ethereum network generated $10.6 million in fees over the past day, and an average of $13 million per week. The ongoing developments in these ecosystems have noteworthy implications for the wider cryptocurrency market and its participants.