CandleFocus Uniswap Leads the Charge in $30M Ethereum Burn, Setting DeFi on Fire
2024-10-13
Author: Content Editor
Decentralized finance (DeFi) protocols on the Ethereum Network have burnt a total of 12,403 ETH (approximately $30.6 million) in one week due to the fee burn mechanism implemented in the Ethereum upgrade under EIP-1559. Uniswap was the biggest contributor, burning 2,270.7 ETH ($5.6 million), followed by 1inch Network, MetaMask, 0x Protocol, and Gnosis. Other projects like Kyber Network, Pendle, ParaSwap, Aave, and Tokenlon also participated in the burn. This significant amount of ETH burnt demonstrates the high level of activity and usage on the Ethereum platform, boosting investor confidence and further supporting the narrative of Ethereum as a deflationary asset.
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