Major platforms (like Uniswap) will be migrating to L2 in a month which should go a long way to reduce fees.

Is there any reason why Uniswap would use something like Ethereum over Algorand (for example)? The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc?

> The latter seems to offer very low tx fees and much higher tx rates, is it a matter of smart contract code etc?

Chains are of two types. Cheap and unused is one, expensive and used is the other. For Ethereum current limits on the size of the block (and thus tx fees and tx rates) are set because of lack of solution for fast state size growth. Algorand and every other "ethereum killers" also don't offer solutions for this problem - they don't have it because nobody is using them. Ethereum has few candidate solutions on the table. The major one is "stateless client" - solution where tx will would contain commitments for every bit of state which is read or modified. Basically paying with bandwidth to decrease the size of actively managed state.

Do you have a source for this? Hayden Adams on twitter was only yesterday lambasting people for making predictions like this.

Not for UniSwap but Polkabridge is coming in Q2

There's many solutions coming online this year. Polkadot is launching a parachain where you can execute your eth contracts using the polkadot network. Also many L2 solutions will solve the problem as it is just a problem of 'Compute'. The transactions gain some 'Centralization' but that doesn't seem to matter in the industry anymore. It's more about being 'Censorship resistant'.

true story. Valuable blockspace is a thing. [1] ETH rakes $23M/day in fees, BTC $4M/day.

[1] - https://cryptofees.info/