{"id":561823,"date":"2023-11-22T00:00:12","date_gmt":"2023-11-22T00:00:12","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=561823"},"modified":"2023-11-21T17:41:08","modified_gmt":"2023-11-21T17:41:08","slug":"defi-ethereum-gas-fees-rising-uniswap-stuck","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/defi\/defi-ethereum-gas-fees-rising-uniswap-stuck\/","title":{"rendered":"DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Decentralized finance (DeFi) activity on Ethereum is picking up momentum based mainly on how gas fees have been trending in the first three weeks of November, data from Kaiko\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/research.kaiko.com\/insights\/defi-activity-is-picking-up\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">. Even so, despite Uniswap (UNI) spearheading the revival, looking at the gas attributed to its activities over this period, UNI prices remain stagnant below $5.6, with bulls failing to edge higher, breaking to new 2023 highs.<\/span><\/p>\n<figure id=\"attachment_561825\" aria-describedby=\"caption-attachment-561825\" style=\"width: 1015px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-561825\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?resize=1015%2C463\" alt=\"Ethereum gas fees rising | Source: Kaiko\" width=\"1015\" height=\"463\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?w=1015 1015w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot462.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-561825\" class=\"wp-caption-text\">Ethereum gas fees rising | Source: Kaiko<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Ethereum Gas Fees Rising, DeFi Revival?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Kaiko, a blockchain analytics platform, the average gas fees on Ethereum hit multi-month highs last week. The platform expressly notes that the primary driver has been Uniswap&#8217;s activities, reading from the rising transaction volumes from meme coins, including GROK. This, in turn, pushed block space demand higher, increasing gas fees.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/analysis\/xrp\/global-banks-xrp\/\" target=\"_blank\" rel=\"noopener \">Global Banks Are Betting Big On XRP, Report Shows<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Gas fees remain volatile but generally higher in the first three weeks of November. As of November 20, Ycharts\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ycharts.com\/indicators\/ethereum_average_gas_price\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0shows that the average cost of sending a transaction stood at 45.13 Gwei, nearly 100% from November 19, when it was at 24.84 Gwei. This is a significant jump from 17.66 Gwei in late October 2023.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gas fees and how ETH and DeFi token prices react are directly correlated as DeFi and other on-chain activities like non-fungible token (NFT) minting and trading rise; gas fees usually expand in trending markets. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Accordingly, the recent expansion in gas fees could suggest that the markets could be preparing for a leg up, and tokens of critical protocols, including Uniswap or Aave, could benefit.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">DeFi TVL Rising, But Uniswap Is Stuck Below $5.6<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">As of writing, the total value locked (TVL) across all DeFi protocols stands at over $46.6 billion as of November 21, according to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Ethereum\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">DeFiLlama<\/span><\/a><span data-preserver-spaces=\"true\">. This increase is nearly $5 billion more than in early November and up from $37 billion in mid-October.\u00a0<\/span><\/p>\n<figure id=\"attachment_561824\" aria-describedby=\"caption-attachment-561824\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-561824\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?resize=1024%2C439\" alt=\"Ethereum DeFi TVL remains high | Source: DeFiLlama\" width=\"1024\" height=\"439\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=1148 1148w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Screenshot461.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-561824\" class=\"wp-caption-text\">Ethereum DeFi TVL remains high | Source: DeFiLlama<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Ethereum remains a choice platform for deploying DeFi apps despite the relatively gas fees pinned to mainnet scaling challenges. The pioneer smart contract blockchain manages $25.4 billion in TVL, whereas Uniswap is one of the largest protocols with $3.216 billion in TVL.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/5WGlVDPP\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/5WGlVDPP\/\" alt=\"Uniswap prices trending sideways on the daily chart | Source: UNIUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Uniswap prices trending sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/5WGlVDPP\/\" target=\"_blank\" rel=\"noopener nofollow\">UNIUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">UNI prices are up 30% from mid-October when writing on November 21. However, bulls have been unable to break above the November highs at around $5.6. From the daily chart, trading volume, and thus participation, has been tapering even though prices have been edging higher.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/shiba-inu\/shiba-inu-sees-a-whopping-48000-increase-in-the-shib-burn-rate-whats-next\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Sees A Whopping 48,000% Increase In The SHIB Burn Rate, What\u2019s Next?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">This formation suggests that the uptrend was behind low momentum and sustainability. Technically, there could be more gains if there is a solid close above November highs with expanding volumes. In that case, UNI could expand, retesting 2023 highs of around $7.2.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Decentralized finance (DeFi) activity on Ethereum is picking up momentum based mainly on how gas fees have been trending in the first three weeks of November, data from Kaiko\u00a0shows. Even so, despite Uniswap (UNI) spearheading the revival, looking at the gas attributed to its activities over this period, UNI prices remain stagnant below $5.6, with bulls failing to edge higher, breaking to new 2023 highs. Ethereum Gas Fees Rising, DeFi Revival? According to Kaiko, a blockchain analytics platform, the average gas fees on Ethereum hit multi-month highs last week. The platform expressly notes that the primary driver has been Uniswap&#8217;s activities, reading from the rising transaction volumes from meme coins, including GROK. This, in turn, pushed block space demand higher, increasing gas fees. Related Reading: Global Banks Are Betting Big On XRP, Report Shows Gas fees remain volatile but generally higher in the first three weeks of November. As of November 20, Ycharts\u00a0data\u00a0shows that the average cost of sending a transaction stood at 45.13 Gwei, nearly 100% from November 19, when it was at 24.84 Gwei. This is a significant jump from 17.66 Gwei in late October 2023. Gas fees and how ETH and DeFi token prices react are directly correlated as DeFi and other on-chain activities like non-fungible token (NFT) minting and trading rise; gas fees usually expand in trending markets. Accordingly, the recent expansion in gas fees could suggest that the markets could be preparing for a leg up, and tokens of critical protocols, including Uniswap or Aave, could benefit. DeFi TVL Rising, But Uniswap Is Stuck Below $5.6 As of writing, the total value locked (TVL) across all DeFi protocols stands at over $46.6 billion as of November 21, according to\u00a0DeFiLlama. This increase is nearly $5 billion more than in early November and up from $37 billion in mid-October.\u00a0 Ethereum remains a choice platform for deploying DeFi apps despite the relatively gas fees pinned to mainnet scaling challenges. The pioneer smart contract blockchain manages $25.4 billion in TVL, whereas Uniswap is one of the largest protocols with $3.216 billion in TVL. UNI prices are up 30% from mid-October when writing on November 21. However, bulls have been unable to break above the November highs at around $5.6. From the daily chart, trading volume, and thus participation, has been tapering even though prices have been edging higher.\u00a0 Related Reading: Shiba Inu Sees A Whopping 48,000% Increase In The SHIB Burn Rate, What\u2019s Next? This formation suggests that the uptrend was behind low momentum and sustainability. Technically, there could be more gains if there is a solid close above November highs with expanding volumes. In that case, UNI could expand, retesting 2023 highs of around $7.2. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":561826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[54512,8323,1946,6931,78803,82797,80532,87723,82852],"class_list":["post-561823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-gas-fees","tag-uniswap","tag-uniswap-price","tag-uniusdt"],"acf":[],"yoast_head":"\n<title>DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?<\/title>\n<meta name=\"description\" content=\"Uniswap prices are stuck despite gas fees rising as DeFi activity on Ethereum recovers, pushing TVL above $46.6 billion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/shenyangcang.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?","description":"Uniswap prices are stuck despite gas fees rising as DeFi activity on Ethereum recovers, pushing TVL above $46.6 billion","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/shenyangcang.com\/news\/defi\/defi-ethereum-gas-fees-rising-uniswap-stuck\/","og_locale":"en_US","og_type":"article","og_title":"DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?","og_description":"Uniswap prices are stuck despite gas fees rising as 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/shenyangcang.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?","url":"http:\/\/shenyangcang.com\/news\/defi\/defi-ethereum-gas-fees-rising-uniswap-stuck\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/defi\/defi-ethereum-gas-fees-rising-uniswap-stuck\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template118.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template118.jpg?fit=1380%2C780"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["defi","eth","ethereum","ethereum price","ethusdt","gas fees","uniswap","uniswap price","uniusdt"],"dateCreated":"2023-11-22T00:00:12Z","datePublished":"2023-11-22T00:00:12Z","dateModified":"2023-11-22T00:00:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"DeFi gathering momentum, Ethereum Gas Fees Rising: Why Is Uniswap (UNI) Stuck?\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/defi\\\/defi-ethereum-gas-fees-rising-uniswap-stuck\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/defi\\\/defi-ethereum-gas-fees-rising-uniswap-stuck\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template118.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template118.jpg?fit=1380%2C780\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"defi\",\"eth\",\"ethereum\",\"ethereum price\",\"ethusdt\",\"gas fees\",\"uniswap\",\"uniswap price\",\"uniusdt\"],\"dateCreated\":\"2023-11-22T00:00:12Z\",\"datePublished\":\"2023-11-22T00:00:12Z\",\"dateModified\":\"2023-11-22T00:00:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template118.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/561823"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=561823"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/561823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/561826"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=561823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=561823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=561823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}