Ethereum DeFi Projects Collectively Burned 7,163 ETH from the System in the Previous Week, Equivalent to $17.4 Million in Fees

Data from the Phoenix Group revealed that Uniswap became the most dominant protocol in burning 1,145.3 $ETH.

Ethereum DeFi projects burned a total of 7,163 ETH in the past week, generating about $17.4 million in fees.

According to data from the Phoenix Group, Uniswap was the dominant protocol, burning 1,145.3 ETH.

The burn activity highlights the demand for DeFi services on the Ethereum network.

Here's a closer look at the top ETH burner DeFi projects:

Uniswap led the pack with the highest ETH burn, valued at $2.8 million. Next in line was 1inch, burning 1,109.7 ETH, which translates to about $290,000.

The high volume of trades on these platforms showcases consistent user engagement.

Other notable burns include Metamask burning 111.3 ETH, followed by 0x Protocol at 88.4 ETH.

These protocols offer key decentralized services, contributing to overall network activity on Ethereum.

Further down the list but still making an impact, we have KyberSwap, Aave, and Paraswap, contributing to the cumulative 24.9, 20.9, and 15.6 ETH burn, respectively.

Despite lower volumes compared to the top protocols, their participation highlights the diverse range of services utilized in the DeFi space.

The combined fee burn from the listed Ethereum DeFi projects points to a significant volume of transactions within decentralized applications.

With 7,163 ETH burned, the total value generated over seven days comes out to $17.4 million.

This sustained demand for DeFi services shows the strength of decentralized platforms.