The post Top DeFi Projects With Highest Burned ETH in the Last 7 Days appeared on BitcoinEthereumNews.com.

The Ethereum (ETH) ecosystem is constantly expanding, and one of the important processes that have emerged is the burning of ETH. Burning denotes the process by which some Ethereum is sent to a special address and is effectively taken out of circulation, thus commonly known as supply reduction. Cumulatively, 9,892 ETH were burnt this week, which is equal to $33.3 million. Uniswap Dominates the ETH Burn In the last week alone, Uniswap has recorded a burn of 1,277.1 ETH which comes to approximately $4.3 million. This high amount of burn demonstrates Uniswap’s high level of interaction within the DeFi sector as a trading, swapping, and providing platform. Uniswap has gained popularity, and this has resulted in many transactions, hence the high number of ETH burnt. 1inch: Second in Command The second one is 1inch, another decentralized exchange aggregator similar to Uniswap that has burnt 263.8 ETH, worth $887.7K. As a result of its effective ability in routing trades to help reduce costs, 1inch has been established as the best platform through which traders can source for the best prices across various exchanges. Metamask: A Key Player in ETH Burn Third is Metamask, with 253.3 Ethereum burnt, which is equivalent to $852.4K. A crypto wallet that enables users to engage with the Ethereum blockchain and DeFi platforms registers heavy usage, driving increased burn. This makes Metamask a key player in ETH staking and contributes to the market share of DeFi applications and services. 0x Protocol and Gnosis: Active DeFi Contributors Currently, 0x Protocol has burned 212.3 ETH, which is equivalent to $714.4K. Its nature as a decentralized exchange protocol allows for direct asset swaps between users, which results in a high amount of token burn. Gnosis which has been offering a prediction market and various DeFi tools, burned 120.8 ETH, equal…

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Filed under: News - @ November 26, 2024 12:18 am