Fuel utilization remains to be a proxy indicator for financial exercise on a number of the main chains. Tether emerges as the highest fuel burner for Ethereum and main EVM-compatible chains.
Conduit Analysis has tracked the financial exercise and fuel utilization for the previous yr, profiling a number of the main chains. The Ethereum ecosystem, together with the L1 chain, L2 networks and EVM-compatible chains, emerges as the primary hub for Tether exercise. The Tether sensible contract is close to the highest for many of these chains.
Conversely, Solana emerges as a series for DEX trades, with Raydium burning essentially the most fuel for the previous 12 months.
The Conduit report tracks fuel for Ethereum, Solana, prime L2 chains, in addition to EVM networks like Avalanche. All these chains use a type of fuel calculation, which is an expense for customers and a supply of revenue for validators.
Tether turns into key fuel burner for a number of chains
Tether has issued USDT tokens as native belongings on a number of chains. On Ethereum, the USDT sensible contract burned over $70M value of fuel for the 12 months led to April 2025. The stablecoin sensible contract is just second to the Uniswap router, which burned over $189M value of fuel on Ethereum.
Uniswap and Tether usually swap locations as the highest fuel burner, relying on the time of day, consumer exercise, and the presence of different busy contracts. Within the quick time period, USDT burns round 6.8% of all Ethereum fuel, however for the previous 12 months, the share elevated to 11.75%.
Tether’s contract variations are additionally the main fuel burners on TRON, OP Mainnet, and are the second most lively contract on Avalanche and the BNB Good Chain. For BNB Chain, the utilization of USDT is tied to small-scale transactions for funds and trades. The contract burns over 30% of the chain’s fuel for the previous 12 months.
The fuel burners dissipate assets from the shopper aspect, reflecting the true sentiment of customers. For Ethereum, this additionally means stablecoins are one of many prime use circumstances, even when the community’s site visitors is comparatively low.
The following tier of apps contains DEX router contracts, buying and selling bots, and aggregator apps like 1inch and CowSwap. The number of fuel burner apps is generally restricted to DeFi, with no different use circumstances equivalent to gaming or NFTs.
Solana turns into a series for DEX exercise
Solana’s prime app for the noticed interval is Raydium, the main DEX. Raydium burned 41.81% of all Solana fuel, for a complete of $145.5M in charges going towards validators.
Raydium was the highest fuel burner on Solana, on account of its standing because the main DEX. | Supply: Dune Analytics
The Photon buying and selling bot consumed over 20% of Solana’s fuel. Pump.Enjoyable and the Jupiter aggregator consumed one other 33% of the community’s fuel.
Solana nonetheless carries over 87.2% of all buying and selling bot customers, up from 86% prior to now few weeks. The Solana ecosystem confirmed its divergence from EVM-compatible chains, turning into the high-speed community for DEX swaps.
