In 2024, the top 10 Ethereum burners were responsible for 39.2% of all ETH burned, with Uniswap emerging as the largest contributor, burning a total of 71,915 $ETH.
However, despite maintaining its position as the leading ETH burner, Uniswap has experienced a significant decline in its burn rate.
Uniswap’s burn rate plummeted by 72.4% quarter-over-quarter (QoQ), dropping from 54,413 ETH in Q1 to just 15,031 ETH in Q2. This sharp decrease reflects a broader trend of reduced Ethereum burns across several major protocols.
ETH transfers followed as the second-largest contributor to Ethereum burns, with 33,538 ETH burned year-to-date. However, like Uniswap, ETH transfers saw a dramatic drop in Q2, burning only 6,838 ETH compared to 25,668 ETH in Q1—a 73.4% QoQ decline.
Tether (USDT) ranked third, burning 23,332 ETH in 2024. Tether’s burn rate also saw a significant decrease, falling by 70.9% QoQ from 17,480 ETH in Q1 to 5,091 ETH in Q2. This decline mirrors the overall trend of reduced activity and burning across the Ethereum network.
Banana Gun (BANANA), a Telegram trading bot, was the fourth-largest burner, contributing 11,060 ETH to the total burned in 2024. Its burn rate dropped 74.3% QoQ, from 8,364 ETH in Q1 to just 2,150 ETH in Q2. The decrease in decentralized exchange (DEX) trading on the blockchains it supports likely contributed to this decline.
The remaining protocols in the top 10, including @MaestroBots, @1inch, @Metamask, @circle, MEV Bots, and @Scroll_ZKP, each burned less than 10,000 ETH throughout the year. Despite their lower burn contributions, these protocols still played a significant role in the overall Ethereum burn landscape.
As 2024 progresses, it will be interesting to see how these trends evolve and whether burn rates will rebound in the coming quarters.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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