According to blockchain data from Nansen Analytics on Tuesday, $1.096 billion worth of Ethereum (ETH) was burned in the past month. The results of transactions on OpenSea are record high.
After the launch of the EIP-1559 last August A portion of the fee is removed for every transaction that takes place on the Ethereum blockchain, although sending and receiving ETH doesn’t cost much. But higher-level tasks, such as minting NFT tokens through smart contracts, cost a lot more.
in january Total NFT transaction volume on OpenSea hits a record $3.5 billion. It currently ranks #1 on the incineration leaderboard compiled by Ultra Sound Money, with 65,778 ETH ($181.7 million) incinerated over the past 30 days. Ethereum on decentralized exchange Uniswap ( UNI ) amounted to 35,696 ETH ($98.6 million).
However, Ethereum remains a highly inflationary blockchain network, with 5.4 million ETH new ETH currently issued per year, surpassing the 3.5 million ETH burned, where the supply of ETH will only peak if it is switched to. Proof-of-stake or PoS
When this happens, the total amount of new ETH issuance will be less than the amount of tokens burned. resulting in net deflation. The transition to PoS will take place in the second or third quarter of this year. However, before that, the network’s total hash rate held a new all-time high.
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