How much ETH has been burned?
As of August 5, 2024, the Ethereum network has burned a total of 465,657 ETH since the start of the year. After the implementation of EIP-1559 in June 2021, a total of 4.36 million ETH have been burned.
Meanwhile, 107,725 ETH were burned in 2024 Q2, a -67.7% drop from Q1. In 2024 Q1, 333,555 ETH were burned.
In July 2024, 17,114 ETH were burned, marking a monthly all-time low in 2024, and a -35.0% decrease from June. Meanwhile, 147,620 ETH were burned in March 2024, representing a monthly all-time high in 2024. However, this figure is a far cry from the all-time high of 398,061 ETH burned in January 2022, at the height of last cycle’s bull market.
Is Ethereum inflationary or deflationary?
Ethereum is now inflationary despite being deflationary between 2022 Q4 - 2024 Q1. ETH emissions have outpaced burns, with 540,958 ETH added to the network since the start of 2024. Meanwhile, 465,657 ETH have been burned, resulting in a net total of 75,301 ETH added to the network in 2024.
On a quarterly basis, 2024 Q1 was deflationary, with 220,454 ETH emitted and 333,555 ETH burned. This resulted in the removal of 113,100 ETH from Ethereum’s supply. However, as network activity fell throughout 2024 Q2, Ethereum became inflationary. Throughout the quarter, 228,543 ETH were emitted versus 107,725 ETH burned, with 120,818 ETH added to the blockchain.
What burned the most ETH?
Uniswap remained the largest burner of ETH, having burned a total of 71,915 ETH in 2024; a total of 2,470 ETH was burned on Uniswap in July 2024. While Uniswap has been the dominant ETH burner, a sharp drop in ETH burns has been observed. Its burn rate dropped -72.4% Quarter-on-Quarter (QoQ) to 15,031 ETH in Q2, from 54,413 ETH in Q1. The top 10 ETH burners accounted for 39.2% of all ETH burned in 2024.
ETH transfers were the second largest contributor to ETH burns, having burned 33,538 ETH year-to-date. In Q1, ETH transfers burned 25,668 ETH, before dropping to 6,838 ETH in Q2, a decline of -73.4% QoQ.
Tether (USDT) was the third largest burner, having burned 23,332 ETH in 2024. Like Uniswap and ETH transfers, its burn rate dropped -70.9% QoQ to 5,091 ETH in Q2, from 17,480 ETH in Q1.
The fourth largest burn contributor was Banana Gun (BANANA), with 11,060 ETH burned. The Telegram trading bot burned 2,150 ETH in Q2, down 74.3% from Q1 (8,364 ETH). A slump in DEX trading on the blockchains it supports has impacted its burn rate. The remaining protocols in the top 10 burned less than 10,000 ETH each.
Top ETH Burners (2024)
The top 10 biggest ETH burners from January 1, 2024 to August 5, 2024 are ranked as follows:
| Rank | Protocol / Method | ETH Burned |
|---|---|---|
| 1 | Uniswap | 71,915.2 |
| 2 | ETH Transfers | 33,538.0 |
| 3 | Tether | 23,332.4 |
| 4 | Banana Gun | 11,060.3 |
| 5 | Maestro | 9554.2 |
| 6 | MetaMask | 9160.2 |
| 7 | Circle | 6783.4 |
| 8 | 1inch | 6484.1 |
| 9 | Scroll | 6307.9 |
| 10 | MEV Bots | 4585.4 |
Methodology
The study examined the amount of Ethereum (ETH) emitted and burned in 2024, using Dune Analytics, and Etherscan data from January 1, 2024, to August 5, 2024.
The study also examined the top ten methods that burned the most ETH: Uniswap, ETH Transfers, Tether, Maestro, 1inch, MetaMask, Circle USD, MEV Bots, and Scroll.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the worse crypto market corrections.
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