$1B worth of ETH burned in the past 30 days due to record high OpenSea NFT tr...

$1B worth of ETH burned in the past 30 days due to record high OpenSea NFT tr...

Despite the large burn value, the network is still inflationary until its PoS transition scheduled for Q2 or Q3. According to blockchain data from Nansen Analytics on Tuesday, over $1.096 billion worth of Ethereum (ETH) has been burned in the past month. With the introduction of the EIP-1559 last August, a portion of fees is taken out of circulation for every transaction that occurs on the Ethereum blockchain. While sending and receiving ETH does not cost much, higher-level tasks, such as minting nonfungible tokens, or NFTs, via smart contracts, cost far more gas.In January, the total....


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