According to a research report by Coingecko, the latest findings reveal the protocol that burned the most Ethereum as of April 2023. Topping the list is Uniswap, which has remained the largest contributor to ETH burning, with a total of 29,333.8 ether burned thus far.
In terms of overall ETH burning, April 2023 witnessed a significant milestone, totaling 108,140 ETH burned. It marked the highest monthly figure since June 2022, when 122,074 Ethereum were burned.
It represents a notable 17.5% month-on-month (MoM) growth compared to March 2023, which recorded 92,057 ether burned. Furthermore, the first quarter of 2023 saw a remarkable 242,001 ETH burned, reflecting a substantial 50.9% quarter-on-quarter (QoQ) growth from the previous quarter.
The trend of Ethereum burning has displayed steady and consistent growth, with an average monthly growth rate of 4.1% over the past twelve months. Interestingly, the burning rate has surpassed the creation rate, indicating a net burn of 9,643 ether in April 2023, while 98,497 ether were minted.
This trend first emerged six months after the successful Merge upgrade, with October 2022 being the month when net burn turned positive, amounting to 4,765 ether.
Uniswap & XEN Dominate Ethereum Burning Scene
Uniswap, the leading protocol in ETH burning, witnessed a substantial increase in burned ETH. In April 2023 alone, Uniswap burned 21,479.9 ether, a 100% surge compared to March 2023, which saw 10,726.8 ETH burned. This increase can be attributed to the growing popularity of meme-coins being traded on the platform.
Following Uniswap, the protocol with the second-highest total burn was XEN, which burned 4,738.4 ether in April 2023. It represents a staggering 987% month-on-month growth, considering XEN burned only 435 ether in March 2023. The surge in burned ETH for XEN can be attributed to the resurgence in the token’s popularity.
Other notable protocols contributing to ETH burning include USDT, which burned 4,497.0 ETH, and Blur.io, which burned 2,452.2 ETH. The remaining protocols in the top eight burned less than 2,000 ETH each. MetaMask burned 1,982.8 ETH, followed by 1 inch with 1,484.6 ETH, USDC with 1,149.5 ETH, and OpenSea with 13.2 ETH.
The research report relied on data from Dune Analytics, covering the period from January 1, 2022, to April 30, 2023. The study examined the total Ethereum (ETH) minted and burned during this time.
Additionally, the report highlighted the top nine methods responsible for burning the most ETH, which are ETH Transfers, Uniswap, XEN, USDT, Blur.io, MetaMask, 1inch, USDC, and OpenSea.
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