Phoenix Group recently published an analysis concerning the top Ethereum-burning decentralized finance (DeFi) projects in the last 30 days that ended on May 4, 2025. The report is based on data provided by ultrasound.money, it presents a broad view of DeFi Ethereum-consuming applications that burn $ETH and are associated with USD values.
The top projects by burning rate on Ethereum
Ethereum ($ETH) was the leading burner for the period, with Uniswap burning 83.1 ETH, or roughly $152,000. Metamask was on their heels, burning 75.1 $ETH, roughly $137,400. Third came Gnosis, with 74.1 $ETH burned and a value of $135,500. These figures show the high transaction volumes and numerous user interactions found on these platforms.
Aave and 1inch rounded out the top five with 66.6 ETH and 52.6 ETH burned. Engagement with Aave’s lending and borrowing protocols through its burn was approximately $96,200. Also, 1inch fueled a $121,800 burn value while it continues to behave as one of the major decentralized exchange aggregators.
Cumulative Network Impact and Other Contributors
Over 30 days, the collective burn of Ethereum from the listed DeFi projects totaled 5,022 $ETH worth an estimated $9.19 million. This highlights DeFi protocols’ substantial place in Ethereum’s deflationary mechanism based on the EIP-1559 upgrade.
Pendle (23.2 $ETH, $30,000), Kyber Network (17.7 $ETH, $42,000), and dYdX (16.4 $ETH, $42,000) have also burned between $30,000 and $42,000 worth of ETH. Next, Synthetix and ParaSwap recorded a pair of burns of 10.7 $ETH and 9.6 $ETH, respectively.
These figures represent active DeFi user activity across various platforms. All protocols burn $ETH on the network through Ethereum for gas fees, and the volumes of the transactions they process affect the rate of burning $ETH on the network.
The data shows that Ethereum continues to move towards a deflationary model through its burn mechanism. Gas fees become a consumption item in network transactions, and some of the amount is permanently removed from the total supply of circulating $ETH.
