The Ethereum ecosystem recently achieved a notable achievement in the past week, marking burn transactions in DeFi projects amounting to 18,936 $ETH, worth $58.9 million. These figures emphasize the scale of network activity among popular protocols. Uniswap is currently the top Ethereum gas burner, using 47% of the total gas burned in DeFi transactions.
TOP #ETHEREUM BURNER #DEFI PROJECTS#Uniswap $UNI #1Inch #Metamask #0xProtocol $ZRX #GnosisChain #Paraswap #Aave $AAVE #KyberSwap #Pendle #Chainlink $LINK pic.twitter.com/qhmsKRQwmv
— PHOENIX – Crypto News & Analytics (@pnxgrp) November 17, 2024
Uniswap Dominates Gas Consumption
During the past week, Uniswap burned 2,800.6 ETH for $8.7 million. The significant share of burned $ETH underlines the platform’s role as a primary contributor to Ethereum’s fee burn mechanism.
Metamask, the Ethereum wallet provider, emerged as the second-largest gas burner, consuming 450.8 $ETH, equivalent to $1.4 million. The wallet’s popularity for transactions and integration with DeFi services drives its network activity. Following closely, 1inch and 0x Protocol burned 397.9 $ETH and $372.8 $ETH, valued at $1.2 million each.
Additional DeFi Contributors to Gas Fees
Other notable DeFi platforms include Gnosis and ParaSwap, which burned 241.9 $ETH ($752K) and 84.9 $ETH ($264.1), respectively. Aave, KyberSwap, and Pendle also contributed 70 $ETH ($217.8K),69.7 ETH ($217.1K), and 38.3 ETH ($119.2K), respectively. In addition, Chainlink recorded 35.7 $ETH ($111.1K) in network fees. These platforms collectively highlight the diverse use cases driving demand for the Ethereum network.
Ethereum’s fee burn mechanism reduces the supply of $ETH, strengthening its role as a deflationary asset. The total gas these platforms burn reflects the ongoing growth, with over 18,000 $ETH burned in just seven days.
The activity of leading DeFi platforms continues to shape Ethereum’s fee dynamics. Uniswap’s outsized contribution and consistent activity from other projects point to the growing significance of DeFi within the blockchain landscape. These trends further highlight the importance of efficient gas management for Ethereum users and developers.