Ethereum Burns Nearly $10 Billion Worth of ETH: Who Contributes the Most?

Since the execution of EIP-1559 in August 2021 the number of ETH burned on Ethereum has continued to rise . The recent success of The Merge has further contributed to making ETH deflationary depending on network activity . Until now nearly 3 .37 million ETH have been burned and over 745,000 demolished since The Merge in September . This accounts for 2 .8 % of the total ETH supply and is corresponding to almost $9 .8 billion .

ETH Distribution and Deflationary Impact

Since August 2021 the distribution of ETH has only increased by 3 million units which resulted in an inflation rate of 1 .42% . However with the existing rate of burn which averages 3 .5 ETH per minute since EIP-1559 the distribution has experienced a deflation by 0 .32 % .
Identifying the Top Contributors
To gain insights into the actors participating in the destruction of ETH, we examine the top contributors since EIP-1559 and The Merge . Uniswap consistently dominates the rankings across both periods while new trends surface such as Arbitrum’s growing importance and Blur’s rise in the NFT market . Notably OpenSea shifted from Wyvern to Seaport which showcases how smart contracts evolve over time .

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