Uniswap V3 guzzles 100% more gas than V2
The Uniswap devs promised lower gas fees with V3. This promise has fallen flat on its face. In main net, all three transaction types (swaps, adds, and removes) are averaging significantly higher in V3 than V2. Let's just ballpark by taking a quick peek at some recent transactions:
- Swaps. A typical one-hop V2 swap uses 102 thousand gas. An equivalent one-hop V3 swap uses 127 thousand gas. 24% more gas.
- Adds: A V2 LP add uses 145 thousand gas. A typical V3 LP add uses 507 thousand gas. 249% more gas.
- Removes: A V2 LP remove uses 151 thousand gas. A typical V3 LP remove uses 201 thousand gas. 33% more gas.
Averaged across all the transaction types, Uniswap V3 uses 102% more gas than V2. A typical user who follows a chain of buying some tokens, staking them, and then later removing them can expect to pay $290 in gas fees during a period of high network congestion (100 gwei gas prices). That's nearly $150 more than what they'd pay using Uniswap V2.
And the problem, this gas guzzling disaster won't just be constrained to Uniswap users. Already Uniswap related transaction make up a quarter or more of all the gas spent on the blockchain. A miss migration of activity of users from V2 to V3, threatens to clog the whole network and spike gas prices back to their February highs, if not higher.