Ethereum’s Biggest Burners: Which DeFi Projects Are Leading the Charge?
New numbers from Phoenix Group show which decentralized finance (DeFi) projects burned the most Ethereum over the last month. It’s not just about who’s using the most gas—these burns actually pull ETH out of circulation for good. And the totals aren’t small: 7,857 ETH, roughly $19.3 million, gone in 30 days.
The list isn’t too surprising if you’ve been following DeFi, but there are a few interesting takeaways. Uniswap, MetaMask, and Gnosis take the top spots, but some smaller names are making waves too.
The Heavy Hitters
Uniswap isn’t just the biggest decentralized exchange—it’s also the biggest ETH burner by a wide margin. The platform torched 244.2 ETH (about $599,500) in fees last month. That kind of volume suggests traders are still relying on it heavily, even with newer competitors popping up.
MetaMask, the wallet most people use to interact with DeFi, came in second. It burned 144.9 ETH ($355,700), which makes sense—every swap, every transaction adds up. Gnosis, often flying under the radar, took third with 92.4 ETH ($226,800) burned.
Then there’s 1inch, the DEX aggregator, which destroyed 79.2 ETH ($194,400). Newton Protocol, a lesser-known name, still managed to burn 62.4 ETH ($153,200). Not bad for a platform focused on automated crypto agents.
The Rest of the Pack
Aave, Pendle, and Kyber Network aren’t far behind. Aave’s lending protocol burned 45.8 ETH ($112,400), while Pendle—specializing in yield trading—took out 36.7 ETH ($90,100). Kyber Network, a liquidity aggregator, hit 33 ETH ($81,000).
Tokenlon and Tornado Cash rounded out the list. Tokenlon burned 14.5 ETH ($35,600), and Tornado Cash, despite its regulatory headaches, still saw enough activity to destroy 10.9 ETH ($26,800).
Why This Matters
Burning ETH isn’t just a technical detail—it reduces supply, which, in theory, could push prices up over time. The more these platforms are used, the more ETH gets taken out of circulation. And right now, Uniswap and MetaMask are doing most of the heavy lifting.
But it’s also a snapshot of where activity is concentrated. DEXs, wallets, and lending platforms dominate, while niche tools like Pendle and Tornado Cash still carve out their share. If nothing else, the numbers show DeFi isn’t slowing down—even if the hype has quieted a bit.
Phoenix Group’s data doesn’t predict the future, but it does tell us who’s busy right now. And for Ethereum holders, that might be enough.
