Over $3.6M Burned in Ethereum: DeFi Projects Drive Significant Deflation

Ethereum’s deflationary potential is experiencing a significant boost thanks to the increased activity of decentralized finance (DeFi) platforms. Over the past week, over $3.6 million worth of ETH was burned through fees on the network, driven by top protocols like Gnosis, MetaMask, and Uniswap. Gnosis stands out as the highest contributor, burning a whopping 42.5 ETH, amounting to $67.7K in value. This surge reflects growing user activity within its ecosystem. 2,277 ETH were burned overall, highlighting the growing impact of DeFi platforms on Ethereum’s long-term deflationary model.