Top Players Like Uniswap Drive Ethereum Burns Amid Steep Declines in 2024
In the year 2024, the top 10 entities responsible for burning Ethereum accounted for 39.2% of all ETH burned, with Uniswap emerging as the most significant contributor by burning a total of 71,915 $ETH.
Despite holding its position as the primary ETH burner, Uniswap has witnessed a notable decrease in its burn rate. The burn rate of Uniswap plummeted by 72.4% quarter-over-quarter (QoQ), declining from 54,413 ETH in Q1 to a mere 15,031 ETH in Q2. This sharp reduction reflects a broader trend of decreased Ethereum burns observed across various major protocols.
Following Uniswap, ETH transfers stood as the second-largest contributor to Ethereum burns, with 33,538 ETH burned year-to-date. However, similar to Uniswap, ETH transfers experienced a substantial decline in Q2, burning only 6,838 ETH compared to 25,668 ETH in Q1—an impressive 73.4% QoQ decrease.
Tether (USDT) secured the third spot by burning 23,332 ETH in 2024. Tether’s burn rate also witnessed a significant drop, decreasing by 70.9% QoQ from 17,480 ETH in Q1 to 5,091 ETH in Q2. This decline mirrors the overarching trend of reduced activity and burning within the Ethereum network.
Banana Gun (BANANA), a Telegram trading bot, emerged as the fourth-largest burner, contributing 11,060 ETH to the total burned in 2024. Its burn rate experienced a 74.3% QoQ decline, dropping from 8,364 ETH in Q1 to a mere 2,150 ETH in Q2. The decrease in decentralized exchange (DEX) trading on the blockchains it supports likely played a role in 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 over the year. Despite their lower burn contributions, these protocols still held significance in the overall Ethereum burn landscape.
Looking ahead in 2024, it will be intriguing to observe how these trends develop and whether burn rates will rebound in the upcoming quarters.
Please note that the information provided is not trading or investment advice. It is always advisable to conduct thorough research before purchasing any cryptocurrency or investing in any services. Stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news by following us on Twitter @themerklehash.
