Ethereum burns 3000 ETH NFT project in half a day and becomes a big burn

Last night, with the official completion of the Ethereum London hard fork upgrade, the effectiveness of EIP-1559 has begun to play out.

For the Ethereum community, this is a special moment. It has been brewing for 2 years. The activation of EIP-1559 has updated Ethereum’s fee market system to make it more predictable and more user-friendly. friendly.

Under this new fee system, the basic part of each Ethereum transaction will be burned and destroyed. Over time, this “burning” will deflate ETH and exert upward pressure on its price, which in turn will increase the security of the Ethereum network.

Ethereum burns 3000 ETH NFT project in half a day and becomes a big burn

As of press time, about 13 hours have passed since the first EIP-1559 ETH burning. According to the data tracking website, the ETH burned on the entire Ethereum network has exceeded 3,200 ETH.

Ethereum burns 3000 ETH NFT project in half a day and becomes a big burn

Since the beginning of the year, the average daily issuance of Ethereum is approximately 10,400 ETH. If we maintain the current daily burning rate of 6000 ETH, Ethereum has reduced production by nearly 60%.

This data is indeed impressive, but it is also very interesting to observe which projects became the largest “ETH burners” in the early days.

As you can see in the figure above, 2 of the top 5 “ETH burners” so far are clearly NFT projects, one is the largest NFT trading market OpenSea (now destroyed 358 ETH), and the other is It is the recent hot NFT game Axie Infinity (141 ETH has been burned).

These two projects currently show incredible levels of activity, which is not surprising to NFT observers, because OpenSea is currently one of the world’s highest-paid online markets, and Axie Infinity’s current daily active users are already Reached the 1 million level.

(Translator’s Note: By checking etherscan, we found that the address that currently burns the most ETH is also an NFT project, but it seems to be just a copy of CryptoPunk.)

So, from here, some early points to consider include:

  1. The arrival of EIP-1559 further strengthens the symbiotic relationship between Ethereum and NFT-Ethereum provides a programmable environment and essentially eternal infrastructure for NFT, and NFT now more directly serves Ethereum’s security.
  2. With the continuous growth of top NFT projects and the arrival of more NFT projects, the changes in the ETH burning rankings will be very interesting.
  3. The Ethereum community can work together to complete this upgrade of scale and importance, which shows that Ethereum and its NFT ecosystem are ready to continue to prosper.

Ethereum burns 3000 ETH NFT project in half a day and becomes a big burn


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