DeFi projects have become important platforms in the Ethereum ecosystem in various ways. Their continued crucial role in Ether token burning has remained visible. These decentralized platforms not only drive greater DeFi adoption but also are active avenues for the ETH fee-burning mechanism. Today, data reported by Phoenix Group highlighted the top 10 DeFi projects that contributed to significant amounts of Ether fees burning over the past month.
Major Ether fee burners
1. MetaMask
Metamask took the leading position in the ETH fee-burning process over the last 30 days. It is a self-custodial wallet that enables users to access and engage with a wide variety of dApps in the DeFi landscape. Through the wallet, users can carry out activities such as staking, borrowing, lending, swapping assets, and even earning yields on their tokens without the involvement of intermediaries.
Over the past month, Metamask has burned a whopping 176.5 ETH worth $396,100. This is a huge amount, not only showing that Metamask is a broadly utilized platform but also a prominent contributor to the Ether fee-burning mechanism.
2. Uniswap
The second position is Uniswap, a DeFi platform that allows users to swap and trade digital assets without relying on intermediaries. It has burned 155.9 ETH approximately $349,800 over the said period. Its popularity is reflected by its key role in the Ether fee-burning activity.
3. Gnosis
Gnosis took the third position. It burned 141 ETH, valued at $316,400. It is interesting to see that this DeFi predictions market also contributes to a great Ether fee-burning process, showcasing its popularity.
4. 1inch
Next is 1inch, a DeFi aggregator that enables people to access the best exchange rates across various chains. It burned 121.5 ETH worth $272,600 over the duration. This massive burning rate highlights the platform’s importance in the Ethereum ecosystem where users depend on 1inch to source the best exchange rates for trading and swapping assets.
5. Aave
Following 1inch, Aave settled in the fifth position. The DeFi lender has burned 103.2 ETH worth $231,600. Its platform allows people to borrow and lend assets without intermediaries’ involvement.
Other major contributors to Ether burning
Other notable projects that contributed to substantial Ether fee removal in their respective networks include Pendle, 0x Protocol, Kyber Network, Chainlink, and ParaSwap.
During the past month, Pendle burned 40.5 ETH for $90,900. 0x Protocol clinched the seventh spot, consuming 35 ETH, equivalent to $78,500. It was followed by Kyber Network, which burned 27.9 ETH valued at $62,600. Lastly, Chainlink and ParaSwap also burned 24.8 ETH ($55,700) and 24.1 ETH ($54,100) respectively.
