Data: How much ETH has Ethereum destroyed in total?Is it inflation or deflation

Author: Shaun Paul Lee, Coingecko; Compiled by: Tao Zhu, Bitchain Vision

How much ETH has Ethereum destroyed?

As of August 5, 2024, the Ethereum network has destroyed a total of 465,657 ETH since the beginning of the year.After the implementation of EIP-1559 in June 2021, a total of 4.36 million ETHs were destroyed.

Meanwhile, 107,725 ETH were destroyed in the second quarter of 2024, down -67.7% from the first quarter.In the first quarter of 2024, 333,555 ETH were destroyed.

In July 2024, 17,114 ETH were destroyed, a record monthly low in 2024, down -35.0% from June.Meanwhile, 147,620 ETH were destroyed in March 2024, setting a record monthly high in 2024.However, this number is far from the all-time high of 398,061 ETH destroyed in January 2022 (the peak of the last bull market).

Is Ethereum inflation or deflation?

Despite being deflationary between the fourth quarter of 2022 and the first quarter of 2024, Ethereum is now in inflation.ETH issuance exceeds the destruction volume, with 540,958 ETH added to the network since the beginning of 2024.Meanwhile, 465,657 ETHs have been destroyed, resulting in a net increase of 75,301 ETHs in the network in 2024.

By quarter, the first quarter of 2024 was deflationary, with 220,454 ETH issued and 333,555 ETH destroyed.This has resulted in a 113,100 ETH reduction in Ethereum’s supply.However, as network activity declined throughout the second quarter of 2024, Ethereum began to inflate.Throughout the quarter, a total of 228,543 ETHs were issued, 107,725 ETHs were destroyed, and 120,818 ETHs were added to the blockchain.

Who destroyed the most ETH?

Uniswap remains the largest destroyer of ETH, destroying a total of 71,915 ETHs in 2024; in July 2024, a total of 2,470 ETHs were destroyed on Uniswap.Although Uniswap has always been the dominant player in ETH destruction, ETH destruction has dropped sharply.Its destruction rate fell -72.4% month-on-month, down from 54,413 ETH in the first quarter to 15,031 ETH in the second quarter.The top ten ETH destroyers accounted for 39.2% of the total destruction in 2022.

ETH transfers are the second largest contributor to ETH destruction, with 33,538 ETH destruction so far this year.In the first quarter, ETH transfers destroyed 25,668 ETH and fell to 6,838 ETH in the second quarter, down -73.4% from the previous quarter.

Tether (USDT) is the third largest destroyer, destroying 23,332 ETH in 2024.Like Uniswap and ETH transfers, its destruction rate fell -70.9% month-on-month to 5,091 ETH in the second quarter, compared with 17,480 ETH in the first quarter.

The fourth largest destroyer was Banana Gun (BANANA), destroying 11,060 ETH.Telegram trading bots destroyed 2,150 ETH in the second quarter, down 74.3% from the first quarter (8,364 ETH).The decline in DEX transactions on the blockchain it supports has affected its destruction rate.The remaining agreements in the top 10 each destroyed less than 10,000 ETH.