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Reading: DeFi Projects Burn 12,233 ETH in a Week! This Altcoin Takes the Lead
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Deythere > News > News > DeFi Projects Burn 12,233 ETH in a Week! This Altcoin Takes the Lead
News

DeFi Projects Burn 12,233 ETH in a Week! This Altcoin Takes the Lead

Ethereums ETH burn due to DeFi projects. The image prominently features the Ethereum logo with digital flames symbolizin
Milena Volodina
Last updated: October 21, 2024 12:17 pm
By
Milena Volodina
Published October 21, 2024
3 Min Read
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The DeFi sector within the Ethereum ecosystem continues to make significant strides, directly impacting ETH supply. These changes, particularly fluctuations in ETH burn rates, are reducing supply and influencing price movements. According to the latest report by Pheonix Group, Uniswap, MetaMask, and 1inch lead the way in ETH burn contributions.

Contents
  • Uniswap: The Leader in Token Burns
  • 1inch and MetaMask: Key Gateways to DeFi
  • 0x Protocol and Gnosis: The Unsung Heroes of DeFi
  • Pendle, Kyber Network, Aave, and Others

Uniswap: The Leader in Token Burns

As a decentralized exchange enabling token swaps, Uniswap is at the forefront of ETH burns. Over the past week, approximately 1,841.9 ETH—equivalent to $5 million—was burned, highlighting Uniswap’s heavy usage within the Ethereum network.

1inch and MetaMask: Key Gateways to DeFi

1inch, a DEX aggregator offering the best trading rates across multiple platforms, burned 207.7 ETH last week, valued at $558.7 thousand. Similarly, MetaMask, though primarily a digital wallet, burned 200.6 ETH, worth $539.6 thousand. Both projects are integral components of the growing DeFi ecosystem.

4395048a 216a 4738 ae08 52c32e6409e4.jpg

0x Protocol and Gnosis: The Unsung Heroes of DeFi

0x Protocol, providing DEX services across various platforms, burned 156.4 ETH, totaling $420.7 thousand. This protocol facilitates P2P trading across different dApps. Gnosis, known for market prediction and DeFi tools, burned 106.1 ETH, or $285.4 thousand, further cementing its role in the Ethereum ecosystem.

Pendle, Kyber Network, Aave, and Others

Pendle burned 38 ETH ($102.2 thousand) by offering yield tokenization solutions, while Kyber Network burned 36.6 ETH ($98.5 thousand). Lending protocol Aave contributed with 24.5 ETH ($65.9 thousand) burned. Other projects such as ParaSwap (22.3 ETH, $60 thousand) and Tokenlon (15.6 ETH, $42 thousand) also made notable burn contributions.

representing Ethereum and DeFi projects contributing to the burn of 12233 ETH. The image features the Ethereum logo with bu

Over the past week, DeFi projects collectively burned 12,233 ETH, reducing the supply by approximately $32.9 million. This highlights the increasing use of DeFi and the potential price impact due to Ethereum’s limited supply. The surge in ETH burns also underscores the significant influence DeFi projects have on the Ethereum network.

In conclusion, DeFi projects are playing a key role in reducing ETH supply, with Uniswap and 1inch leading the charge. The total burn of $32.9 million worth of ETH showcases the growing interest in the DeFi ecosystem and Ethereum’s potential to retain its value.

As reported by Dey There, these developments demonstrate the growing importance of DeFi projects within the Ethereum network, with increased usage leading to higher ETH burns and a tightening supply.

DeFi, ETH burn, Ethereum, Uniswap, 1inch

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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