Summary
- Uniswap (UNI) said its daily token burn value exceeded $1 million for the first time, reaching $1.15 million.
- A total of 184,000 Uniswap tokens were burned that day, the second-highest daily amount on record.
- The increase came as daily DEX trading volume on Robinhood Chain topped $3 billion for the first time, with Uniswap accounting for as much as 98% of the total.
Uniswap's daily token burn value topped $1 million for the first time.
According to data from Wu Blockchain Data Center on September 5, $1.15 million worth of Uniswap tokens was burned over the 24-hour period on September 4. It marked the first time the protocol's daily burn value exceeded $1 million.
A total of 184,000 tokens were burned, the second-largest daily amount on record.
The surge appears to have been driven by a sharp increase in trading activity on Robinhood Chain. On the same day, daily trading volume on decentralized exchanges, or DEXs, on Robinhood Chain topped $3 billion for the first time. Uniswap accounted for as much as 98% of that volume.
Uniswap reduces circulating supply by using part of the fees generated on the Uniswap protocol to buy tokens in the market and burn them. Under that structure, burn volume increases as trading activity rises.
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