Uniswap and MetaMask Lead $174M Ethereum ($ETH) Burn in November 2024

The latest data from Phoenix Group highlights the leading decentralized finance (DeFi) projects contributing to Ethereum’s token burn over the past 30 days. The findings underscore the consistent activity of top-tier platforms in driving network utility and value.

Uniswap continues to dominate Ethereum burn metrics, recording a burn of 6,591.3 $ETH over the month. This activity corresponds to a substantial $24.3 million value, reflecting its strong role in decentralized exchanges (DEX) and liquidity provision.

MetaMask emerged as the second-highest Ethereum burner, with 1,177 $ETH burned, equivalent to $4.1 million. The figures emphasize MetaMask’s popularity among users for token swaps and DeFi interactions facilitated through its browser and mobile wallet solutions.

Broader Contributions from DeFi Platforms

Other platforms also made notable contributions to Ethereum’s token burn. 1inch, a leading aggregator for DEX trading, ranked third, burning 1,074.6 $ETH, translating to $4.0 million in value. This aligns with its role in optimizing trades across various liquidity pools.

Platforms like 0x Protocol, Gnosis, and ParaSwap followed, contributing 852.4, 599.4, and 217.7 $ETH in token burns over the month. These projects highlight their ongoing activity and user engagement in enabling decentralized trading and asset management.

Lower down the rankings, Aave, Kyber Network, and Pendle also demonstrated steady contributing 181,172 and 127.2 $ETH, showcasing their continued involvement in lending, liquidity provisioning, and oracle services within the Ethereum ecosystem.

Ethereum ($ETH) Burn Statistics Reflect Network Usage

Overall, the cumulative Ethereum burn across the top DeFi projects amounted to 47,240 $ETH, valued at approximately $174 million. This metric is a key indicator of network demand, as Ethereum’s fee-burning mechanism reduces supply while enhancing the deflationary nature of the cryptocurrency.

The report further affirms the integral role of DeFi platforms in driving on-chain activity, with these projects contributing significantly to Ethereum‘s ecosystem growth. The sustained burn rate likely indicates growing adoption and usage within the sector.