Uniswap Foundation has dumped nearly 10 million UNI tokens, worth more than $40 million, to crypto exchanges over the past week, according to on-chain data.

Blockchain analyst Lookonchain reported that the Foundation transferred 3.4M UNI tokens, valued at $14.1 million, to OKX, and 3 million UNI tokens, equivalent to $13 million, were sent to Kraken’s Wintermute address.

Additionally, the Foundation moved 3.4M UNI tokens, around $14 million, to FalconX, an institutional crypto trading platform.

Other blockchain analytical platforms, including Peckshield and Spot On Chain, corroborated the fund movement.

The timing of these transactions has raised concerns in the cryptocurrency community, especially given the recent bullish trend in the overall crypto market. Typically, transfers to exchanges are viewed as potential selling signals, which could add further downward pressure on the digital asset.

Meanwhile, the Foundation has yet to issue public statements regarding these transfers. However, ScopeScan suggested that these transactions were conducted for spending and operational purposes.

Despite these transactions, the UNI price appears unaffected as the decentralized exchange (DEX) token trades for $4.21 as of press time, according to CryptoSlate’s data.

Data from Etherscan shows that Uniswap’s Foundation wallet still has about 1.314M UNI tokens, valued at $5.49 million, as of press time.

Uniswap generates more than $500k in 2 weeks

Uniswap’s recent implementation of a 0.15% swap fee, though met with considerable controversy in the crypto community, has proven financially fruitful, raking in over $600,000 in just a fortnight.

Data sourced from the Dune Analytics dashboard by MarcoV showed that Uniswap’s updated fee structure has accumulated a substantial revenue of $623,101. The leading pair responsible for the lion’s share of these fees is the USDC-WETH pair.

This substantial revenue primarily originates from swaps conducted on the Ethereum (ETH) blockchain network and supported by those on layer2 networks, including Optimism (OP), Polygon (MATIC), and Arbitrum (ARB).

Uniswap Labs has indicated that these fees will be allocated to bolster ongoing research, development, and expansion of the platform.