The DeFi sector within the Ethereum ecosystem is rapidly advancing, significantly impacting ETH supply. A recent report by Phoenix Group highlights the leadership of Uniswap, MetaMask, and 1inch in ETH burning, influencing supply and prices.

Uniswap: The Leader in Token Burns

Uniswap, as a decentralized exchange, 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, burned 207.7 ETH last week, valued at $558.7 thousand. Similarly, MetaMask, mainly a digital wallet, burned 200.6 ETH, worth $539.6 thousand. Both projects are integral components of the growing DeFi ecosystem.

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.

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.