NFT marketplace Blur.io burns 252 ETH to reach the top of the leaderboard
NFT marketplace aggregator Blur.io has surpassed Uniswap, OpenSea and Etherum transactions as the top ETH burner in the last 24 hours.
Data shared by Access Protocol CEO Mika Honkasalo of Ultrasoundmoney highlighted that over 252 ETH was burned as a result of Blur.io activity between February 18th and February 19th. Furthermore, the two contracts identified by Ultrasoundmoney came to a total of 310.7 ETH compared to 239.39 ETH and 177.8 ETH from Uniswap and OpenSea respectively.
However, when Uniswap V2 and V3 contracts are combined, Uniswap burned a total of 328 ETH, pushing Blur.io from the top spot.
Blur.io
Blur.io is an NFT marketplace aimed at “pro traders” with the ability to sweep the floor of multiple marketplaces from one dashboard. Blur rose to prominence through its airdrop campaign in late 2022 and has since seen a meteoric rise in popularity.
Analytics platform DappRadar placed Blur.io at the top of its leaderboard for volume in the last 24 hours as activity increased by 41% to reach $114.34 million in revenue.
Ethereum’s burning mechanics
A base fee is paid by the sender of an ETH transaction and then burned to reduce the total supply of ETH. This burning mechanic reduces the total supply of ETH over time with the implication of increasing its scarcity and potentially increasing its value.
Burning the basic fee, introduced in EIP-1559, also helps to create a more stable fee market on the network. As the base fee is dynamically adjusted based on network congestion, fee burning helps ensure that the fee market remains stable and that fees do not become too high or unstable.
Burn by sector
Blur.io is also approaching a 30-day timeframe that sees Uniswap and OpenSea topping the charts with a combined 14,273 ETH burned in the past month. In addition, Blur.io was responsible for burning 3012 ETH during the same period.
Furthermore, the NFT sector took up 23% of the ETH burned in the last 30 days with 18,666 ETH. In comparison, the DeFi sector took the majority of 32%, with a total of 25,403 ETH burned. However, NFT transactions in the last 24 hours burned 549 ETH, and DeFi burned 690 ETH.
Overall, the data suggests that both the NFT and DeFi sectors are significant contributors to ETH burning activity, with the Blur.io marketplace emerging as a notable new player in the space.
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