Ethereum Burn Leaders: Uniswap, Metamask, 1Inch, and Gnosis

In the past week, several DeFi projects have made significant contributions to burning Ethereum, with Uniswap ($UNI) leading the charge.

Several decentralized finance (DeFi) projects have made notable contributions to burning Ethereum (ETH) over the past week, according to data shared by Phoenix, a cryptocurrency media outlet.

Uniswap (UNI) leads the pack, having burned 1,262.1 ETH, making it the largest burner among decentralized finance platforms. Metamask follows with a significant burn of 185 ETH. As one of the most widely used crypto wallets and a gateway to the decentralized web, Metamask plays a crucial role in these deflationary characteristics.

1Inch (1INCH) has also removed 180.4 ETH from circulation this past week. Known for aggregating liquidity across multiple DEXs, 1INCH's high transaction volume contributes to these burns. 0xProtocol (ZRX) also staked 137.9 ETH to continue its service in the Ethereum DeFi space.

The Gnosis project utilized 122.2 ETH in its stewardship of decentralized governance and prediction markets. KyberSwap, a DEX with decentralized liquidity provisioning, burned 42.1 ETH, while Aave, a lending protocol, burned 36.9 ETH.

Paraswap, Pendle, and Tokenlon also contributed to Ethereum's deflationary mechanism, burning 35.9 ETH, 22.1 ETH, and 14.1 ETH, respectively. These smaller amounts are still significant in the broader DeFi landscape, showcasing the interplay of diverse projects in shaping Ethereum's supply over the long term.

Collectively, these projects are contributing to a decrease in Ethereum's circulating supply. As more DeFi platforms integrate the burning mechanism, these deflationary pressures are expected to continue, enhancing the asset's value and scarcity over time.