Ethereum continues to exhibit a deflationary trend driven by active DeFi protocols. Over the past 30 days, more than 3,796 ETH, equivalent to $6.95 million, has been burned.
Key Contributors to Ether Burning
Leading the ether burning are Uniswap, MetaMask, and Gnosis. Uniswap burned 65.5 ETH, equating to $119,900, due to high transaction activity on the largest decentralized exchange by trading volume. MetaMask followed with 59 ETH ($109,700), and Gnosis with 54.2 ETH ($99,200), reflecting the rising popularity of multi-signature wallets and treasury services.
Fluctuations Among Mid-tier Platforms
Activity among mid-tier platforms involves Pendle, Kyber Network, and 0x Protocol. Pendle burned 17.4 ETH ($31,900), while Kyber burned 10 ETH ($18,300), and 0x burned 9.5 ETH ($17,400). These platforms add value through yield tokenization and liquidity routing.
Strengthening Ethereum's Long-term Scarcity
Despite moderate gas fees, Ethereum maintains high burn rates due to network activity. The Merge and reduced ETH issuance, paired with EIP-1559, make volume the primary determinant of supply pressure. DeFi's growth demonstrates the base layer's importance in value exchange.
DeFi protocols continue to reduce ETH supply, affirming Ethereum's capability to sustain activity and value in the long term.
