$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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The top NFT marketplace in the world is set to break its own record for trading volume as it is on pace to exceed $6 billion by the end of the month if the trend continues. The world’s leading NFT marketplace OpenSea is poised to break its own record for monthly sales on Ethereum as daily volumes are surging.OpenSea’s $2.1 billion in trading volume of nonfungible tokens (NFT) through Jan. 10 is more than half the total trading volume for the entirety of August 2021, the highest month on record. Volume reached nearly $3.5 billion in that month, according to Dune Analytics.The marketplace is....
Data shows that OpenSea has generated more than $700 million in sales so far this year putting the NFT marketplace on track for another record month. NFT trading volumes on OpenSea are surging in January amid a renewed speculative frenzy on Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). According to data posted by “rchen8” on Dune Analytics, OpenSea has generated more than $700 million worth of trading volume since the start of 2022, with Jan. 3 being the biggest day of the year with a whopping $255.8 million worth of 24-hour volume.While popular onlookers as Wu....
As a result of the system bug, a total of 42 NFTs were burned in the course of 30 transactions. Reports have emerged that a bug on OpenSea's marketplace has deleted user-owned NFTs worth 28.44 Ether (ETH), nearly $100,000 at the time of writing.The information was revealed online by Nick Johnson, lead developer of Ethereum Name Service, or ENS, who reportedly lost an NFT that was linked to the first ENS named rilxxlir.eth. ENS is a naming system that allows users to store text-based content as an NFT on the Ethereum blockchain.While transferring the NFT from an ENS account to a personal....
Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter. Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021. Burning Millions Worth Of BNB The cryptocurrency....
87 days ago, the Ethereum network successfully implemented the London hard fork upgrade, and ever since then over 700,000 ether has been burned, or more than $2.4 billion using today’s exchange rates.
702,886 Ethereum Burned Since the London Hard Fork
Data from Dune Analytics indicates that on October 31, 2021, otherwise known as Halloween, 702,886 ethereum (ETH) has been burned. The burning of ethereum started on August 5, 2021, when the Ethereum network successfully implemented the London hard fork upgrade and EIP-1559.
At the time, the London hard fork....