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

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According to Nansen Analytics‘ blockchain statistics released on Tuesday, almost $1.096 billion in Ethereum (ETH) was burned in the previous month. Since the implementation of EIP-1559 in August, a part of the fees charged on the Ethereum blockchain taken out of circulation. While transmitting and receiving ETH is cheap, higher-level actions, such as minting nonfungible tokens (NFTs) using smart contracts, are far more expensive.

The total number of NFT transactions on OpenSea reached an all-time high of $3.5 billion in January. It presently ranks first on an Ultra Sound Money burn leaderboard. With 65,778 ETH ($181.7 million) burned in the last 30 days. Token burning from Ethereum transactions and factivity on decentralised exchange Uniswap (UNI). Which totalled 35,696 ETH ($98.6 million) and 24,223 ETH ($66.9 million), respectively, came in second and third place.

However, Ethereum remains an inflationary blockchain network, with annual issuance exceeding 3.5 million ETH burnt. Only after the move from proof-of-work to proof-of-stake, or PoS, will the supply of ETH reach its maximum.

After then, the overall amount of new emissions will be fewer than the total amount of token burns. Resulting in a net deflationary network. In the second or third quarter of this year, the PoS shift, called “the merge,” will take place. However, the network’s overall hash rate had already surpassed an all-time high prior to that. In a recent rebranding, the Ethereum Foundation dropped the term Eth 2.0. The consensus layer is what it is presently known as.

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