According to data released by Phoenix Group, there has been an increase in Ethereum burning in the decentralized finance (DeFi) sector recently. In December 2023, 7,857 ETH worth $19.3 million was burned by various DeFi platforms.
Top 10 Ether Burners over the Month
The report shows that UniSwap continues to lead the way, burning 244.2 ETH, valued at $599,500. MetaMask follows with 144.9 ETH ($355,700), and Gnosis ranks third with 92.4 ETH ($226,800). Other participants include 1inch, Newton Protocol, and several others.
Leading DeFi Projects by ETH Burn
Significant burners also include Aave, Pendle, and Kyber Network. Aave burned 45.8 ETH ($112,400), Pendle contributed 36.7 ETH ($90,100), and Kyber Network saw 33 ETH ($81,000) burned. These figures highlight the active usage of these platforms in the DeFi ecosystem.
Growing Popularity of Ether Burners in DeFi
Ether burning creates a scarcity in supply, which can potentially appreciate its value. The data indicates that the most active sectors in decentralized finance contribute to higher transaction fees and ETH token burning.
Overall, the findings illustrate that DeFi projects such as UniSwap and MetaMask play a crucial role in burning Ethereum, impacting the token's supply and market value.
