New data released today by market analyst Phoenix Group listed top Ethereum burner DeFi projects in the last month. These are the leading DeFi projects that have burned the highest amount of ETH over the past month, as per the data. According to the data, a total of 7,857 ETH worth $19.3 million have been burned in the past month.
Top 10 Ether Burners over the Month
UniSwap
As reported by the data, UniSwap has maintained its lead. The decentralized exchange network burned 244.2 ETH worth $599,500 over the past month. This indirectly signifies huge transaction volume and utility within UniSwap due to its leading function as a major DEX platform within the DeFi ecosystem.
MetaMask
MetaMask is on the second in the list, meaning it is the DeFi platform that burned the second largest amount of Ethereum over the period. It released 144.9 ETH equivalent to $355,700 during the period, indicating significant activity associated with wallet transactions and swapping activities within the self-custody crypto wallet platform.
Gnosis
Third on this list is Gnosis. The DeFi aggregator consumed 92.4 ETH, representing $226,800, highlighting substantial usage of decentralized applications on its platform.
1inch
1inch followed the list. The decentralized exchange aggregator burned $194,400 worth of 79.2 ETH over the period. This massive burn rate showcases the Ethereum-based DEX aggregator’s role in releasing huge quantities of Ether from the circulating supply.
Newton Protocol
Next on the list is Newton Protocol, a platform for agentic automation in the cryptocurrency world. The DeFi network contributed a burning of 62.4 ETH worth $153,200 over the duration, showcasing high demand for its services.
Other Top Market Performers
Other prominent DeFi platforms that contributed significant ETH burning over the period include: Aave, Pendle, Kyber Network, Tokenlon, and Tornado Cash.
Aave, a DeFi lending platform, burned 45.8 ETH worth $112,400 over the past month. Pendle, a DeFi protocol specializing in yield trading, followed with a burn of 36.7 ETH, equivalent to $90,100.
Kyber Network, a DeFi liquidity aggregator, emerged as the eighth-largest Ether burner, with 33 ETH ($81,000) burned over the month.
Tokenlon, a DeFi platform built on the Ethereum blockchain, secured the ninth spot, with a burn of 14.5 ETH worth $35,600 noted over the period.
Lastly, Tornado Cash, a decentralized cryptocurrency mixer, burned Ether, representing 10.9 ETH ($26,800) from the circulating supply over the period, highlighting its increased demand.
Growing Popularity of Top Ether Burners in DeFi
The Ether token burning initiative completely eliminates ETH from circulating supply whenever a transaction takes place, helping to create a deflationary pressure of the asset.
The data listed the top Ether burners in the DeFi space. Massive Ether burns by platforms (such as UniSwap, MetaMask, Gnosis, and others as mentioned above) highlight their leading positions within the DeFi ecosystem and significant demand for their offerings.
Continued Ether burning by widely utilized DeFi platforms makes ETH scarce, contributing to increasing the asset’s price over time.
Lastly, the data shows which sectors in the decentralized finance landscape are most active and producing top on-chain activity, contributing to larger transaction fees and Ether token burning effect.
