Uniswap Labs, the creator of the popular Uniswap decentralized trading protocol, is taking a major step by introducing a transaction fee for the first time in its history.
Uniswap’s native token, UNI, fell 2.4% ahead of the introduction of the new transaction fees, while Bitcoin rallied, sending UNI down 4.5% against the leading digital asset.
Hayden Adams, the creator of Uniswap, was announced the move, stating that a 0.15% swap fee will be applied to certain tokens traded through their web app and wallet, effective October 17.
Uniswap Labs emphasizes transparency and sustainable operations and suggests this decision aligns with its long-term vision. As Adams explained, the company wants to preserve the protocol as a permissionless, decentralized public good.
The fee will reportedly support the ongoing research, development and expansion that Uniswap Labs is committed to, helping to improve the interface and offer users a quality experience. This move is separate from the Uniswap protocol charge switch, which is entirely subject to votes by the UNI token governance.
Uniswap Labs’ decision resulted in a flat fee of 0.15% on a limited selection of tokens including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, XSGD, according to help center. This charge only applies to exchanges involving these tokens executed through Uniswap Labs interfaces on the main network and supported layer 2 solutions.
However, exchanges between one stablecoin and between ETH and WETH are exempt from this fee, enhancing the cost-effectiveness of transactions for some users.
The fee, which Uniswap Labs claims, is one of the lowest in the industry compared to other DeFi and CeFi platforms. Users can check the charges in both the Uniswap web app and the wallet, with the interface charge visible in the exchange details section.
The post Uniswap Labs Introduces First Transaction Fee As UNI Drops 4.5% Against Bitcoin appeared first on CryptoSlate.