According to a weekly analysis of Ethereum network capitalization, decentralized finance (DeFi) protocols have been key players, contributing to the burn of 12,403 ETH, equivalent to $30.6 million. The burn mechanism, introduced in Ethereum’s upgrade through EIP-1559, removes transaction fees from circulation, reducing the ETH supply and enhancing its deflationary characteristics.

Uniswap as the Main Contributor
While several projects contributed to the burn, Uniswap had the largest share, burning 2,270.7 #ETH🔥🔥🔥🔥 , which amounts to $5.6 million.
1inch and MetaMask Close Behind
1inch Network ranked second among protocols contributing to ETH burns, with 192.7 ETH burned, equivalent to $474.8k. MetaMask, one of the most widely used non-custodial wallets, contributed by burning 188.1 ETH, or $463.5k. These figures reflect the increased activity of decentralized exchanges and wallets on the #etherreum platform during this period.
Other Significant Protocols: 0x, Gnosis, and Kyber Network
Other notable platforms include 0x Protocol, which burned 152.6 ETH ($376,000), and Gnosis, which burned 110.6 ETH ($272,500). Kyber Network also contributed by burning 39.6 ETH, or $97,600.
New Projects: Pendle and ParaSwap
New players like Pendle and #ParaSwap have also joined the burn initiative. Pendle burned 32.5 ETH ($80.1k), while ParaSwap burned 26.2 ETH ($64.5k). These numbers highlight the growing influence of new projects in the DeFi ecosystem.
Aave and Tokenlon Complete the List
Rounding out the top contributors are Aave, one of the largest lending protocols, and Tokenlon, a decentralized exchange. Aave burned 22.8 ETH ($56.2k), while Tokenlon burned 14.6 ETH ($36,000).
Market Impact and Sentiment
The ETH burned over the past week indicates a high level of activity on the Ethereum platform. As gas fees rise with increased network usage, DeFi protocols are significantly contributing to Ethereum’s deflationary mechanism. This activity boosts investor confidence and supports the narrative that Ethereum is becoming a deflationary asset. The $30.6 million burned in the last week alone signals deflationary pressure on ETH, which could impact its long-term trend.
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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

ParaSwap has begun returning cryptocurrency assets to users who revoked access permissions to the AugustusV6 smart contract following the discovery of a critical bug last week.
Cryptocurrency return after vulnerability fix
This decentralized financial services aggregator recently dealt with a serious security issue in its newly introduced Augustus version 6 smart contract, after which the refund process commenced. According to a statement released on March 24, the majority of assets have been returned thanks to the efforts of white hat hackers who assisted with the recovery, and all permissions to AugustusV6 have been revoked.

ParaSwap noted that 213 addresses have yet to revoke permissions to this faulty contract.
Asset security and protection
ParaSwap informed about the vulnerability in its new contract, and quick intervention by cybersecurity experts prevented major losses. A subsequent statement mentioned that a detailed report has been filed to relevant institutions, initiating an investigation into the situation.
The company is working with analytics and security firms Chainalysis and TRM Labs to identify attackers and track stolen assets.
Active communication and call for return
The ParaSwap team is actively communicating with hackers and urging them to return stolen assets, with a threat of legal action if there is no response by March 27.
Although losses were deemed minimal, with a stolen amount of only $24,000, the vulnerability disclosure underscored swift reaction and preventive measures by the platform.
Prevention and improvements post-disclosure
Following the vulnerability discovery on March 20, shortly after the launch of the new contract on March 18 aimed at optimizing token swaps and reducing transaction fees, ParaSwap immediately responded by suspending its API and securing assets with the help of white hat hackers.
#ParaSwap #bug #crypto  
 
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“