In a rare flippening of decentralized finance (DeFi) stalwart Uniswap, non-fungible token (NFT) marketplace OpenSea topped the leaderboard in gas consumption on Ethereum over the past 24 hours.
Since 2020’s “DeFi Summer,” Uniswap – Ethereum’s largest decentralized exchange – has consistently demanded the highest daily transaction fees, serving as a key barometer for actual usage of the world’s second-largest blockchain.
However, the resurgence of NFTs from early-2021 highs has aided OpenSea’s rise to first place, with over $1.9 million in gas spent on transaction fees in the last day. In comparison, Uniswap V2 and V3 have cost a total of $1.57 million in transaction fees.
In recent weeks, there have been a slew of NFT projects launched, including Space Poggers, Pudgy Penguins, and Sad Frogs District. The projects host various auctions that allow users to mint a random NFT for a set amount of ether, the Ethereum blockchain’s native currency.
OpenSea is a secondary market where non-fungible tokens can be bid on and traded. The marketplace raised $100 million in a funding round led by Andreessen Horowitz last month.
According to data site Glassnode, OpenSea could generate $1 billion in volume during the month of August, with a run rate of 300,000 unique users.