DeFi projects continue to play crucial roles in the Ethereum ecosystem. This is evident through the significant fee burning that major DeFi projects contribute to reducing the ETH supply. New data released today by Phoenix Group highlighted top DeFi projects that burned the highest amounts of Ethereum fees in the past week.
Top DeFi heavyweights
Uniswap
Uniswap burned 90 ETH worth $226,400 over the past week. This massive burning rate shows the project’s crucial role in the Ethereum ecosystem where users depend on the DeFi platform to swap tokens without relying on centralized entities or intermediaries.
Over the past week, the project burned a huge chunk of ETH tokens, permanently removing 90 ETH ($226,400) from circulation. This means that Uniswap is a major ETH fee-burner, helping to stabilize Ether’s value over the long term.
MetaMask
Second on the list is MetaMask, a major Ethereum-driven crypto wallet that accesses multiple DeFi platforms. According to the data, MetaMask burned 31 ETH over the week valued at $78,000, showing the role it plays in the Ethereum ecosystem.
MetaMask is a popular self-custody wallet that enables users to store and swap digital assets, interact with ETH and Ethereum-based tokens, and function as a gateway to a wide variety of Dapps.
1inch
1inch, a decentralized exchange aggregator, burned $60,900 worth of 24.2 ETH over the past week. This huge burn rate highlights 1inch’s role in removing massive amounts of ETH from the Ethereum circulating supply. 1inch is an Ethereum-based DEX aggregator offering routing services that collect liquidity across various DEXs.
Gnosis
Next on the list is Gnosis, an Ethereum sidechain enabling low-cost blockchain operations. It has contributed to the burning of 23 Ether worth $57,800 over the last week, showcasing its strong utility.
Aave
Fifth on the list is Aave, a DeFi lending platform. As per the data, Aave burned 12 ETH last week, removing $30,900 from circulation through transaction fees.
Other major DeFi players
Other DeFi projects that made it to the top ten list for their contribution to Ether burning over the week include: Pendle, Kyber Network, Tokenion, Hex, and Tornado Cash.
As reported by the data, Pendle consumed 11.6 ETH valued at $29,200 last week. Kyber Network, emerged as the seventh-highest Ethereum burner, with 6.5 ETH ($16,300) burned over the week.
Tokenion followed with a burn of 3.7 ETH worth $9,300 over the week. Lastly, Hex and Tornado Cash consumed Ether equivalent to 3 ETH ($9,300) and 2.9 ETH ($7,300) respectively from Ethereum circulating supply over the week.
