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Ethereum (ETH) has experienced a major economic shift, turning inflationary in the second quarter of 2024, according to CoinGecko. This marks a significant deviation from its deflationary trend since late 2022, and we have exclusive details to share with you.
Ethereum’s economic model shift has been a focus of attention, as the network added 75,301 ETH to its supply in 2024, indicating a move towards inflation after a prolonged period of deflation. Our analysis reveals the key statistics and trends shaping Ethereum’s current state.
Burn Statistics and Emissions
As of August 5, 2024, Ethereum has burned a total of 465,657 ETH this year, while adding 540,958 ETH to the network, resulting in a net increase of 75,301 ETH. The implementation of EIP-1559 aimed to reduce the supply of ETH by burning transaction fees, but recent data shows a reversal in this trend.
Quarterly Analysis
The first quarter of 2024 saw Ethereum remaining deflationary, with more ETH burned than emitted. However, the second quarter witnessed a shift, with a net increase in ETH added to the network. Key monthly burn rates fluctuated, with July 2024 recording the lowest burn, and March 2024 seeing the highest burn for the year.
Top ETH Burners
Uniswap continues to lead as the largest burner of ETH in 2024, followed by ETH transfers, Tether, and Banana Gun. We dive deep into the quarterly burn rates of these top entities and their contribution to Ethereum’s shifting economic landscape.
Methodology
Our analysis utilizes data from Dune Analytics and Etherscan, covering the period from January 1, 2024, to August 5, 2024. We highlight the top ten methods that burned the most ETH, providing a comprehensive overview of Ethereum’s emission and burn trends for the year.
For a detailed report and exclusive insights, visit CoinGecko. Stay tuned to Extreme Investor Network for more in-depth analysis and expert commentary on the evolving crypto landscape.
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