Reports: Over $1B Worth of ETH Has Been Burned Within the Past Month

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Within the past 30 days, Ethereum’s EIP-1559 has burned a whopping $1 billion worth of Ether (ETH), as shown by the latest blockchain analytical report from Nansen Analytics this Tuesday. The report implies that the network managed to burn precisely 387,575 last January, tilting the crypto’s price trend back upwards but dropping its net issuance significantly in the process.

As per the reports, the latest burning dropped the crypto’s net issuance to a meager 19,719 ETH or $50 million, which is an astounding 95.16% net decrease of ETH from circulation. This, in turn, has now put Ethereum’s inflation rate much lower than that of the leading crypto, Bitcoin (BTC), itself. This means that ETH is now harder money than BTC and could become the hardest money in the world to date as experts foresee its inflation rate becoming negative in the next half year.

This massive ETH burning is then further detailed by Ultra Sound Money which indicated NFT marketplace OpenSea as the leading contributor, responsible for 65,778 burned ETH (over $181 million), as its total NFT transactions volume hits new all-time highs. The second place, burning 35,696 ETH ($98 million), is from Ethereum transactions, while the third place belongs to prominent DEX Uniswap, which was responsible for 24,223 burned ETH (over $66 million).

 

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