NFT Marketplace Aggregator Blur.io Over the past 24 hours, it has surpassed Uniswap, OpenSea, and Etherum transactions to become the top ETH burner.
data share Mika Honkasalo, Access Protocol CEO of Ultrasoundmoney, highlighted that more than 252 ETH was burned as a result of Blur.io activity between February 18th and February 19th. ETH and 177.8 ETH from Uniswap and OpenSea respectively.
However, when Uniswap V2 and V3 contracts were combined, Uniswap consumed a total of 328 ETH, slightly pushing Blur.io out of the top spot.
Blur.io
Blur.io is an NFT marketplace aimed at “professional traders” with the ability to wipe out multiple marketplace floors from a single dashboard. Blur gained notoriety for his late 2022 airdrop campaign and has skyrocketed in popularity ever since.
Analytics platform DappRadar places Blur.io at the top of the leaderboard for volume over the last 24 hours as activity jumps 41% to $114.34 million in transactions.
Ethereum burn mechanism
Base fees are paid by senders of ETH transactions and burned to reduce the overall supply of ETH. This burn mechanism is meant to reduce the overall supply of ETH over time, increasing its scarcity and potentially increasing its value.
The base rate burning introduced in EIP-1559 also helps create a more stable rate market on the network. Since the base rate dynamically adjusts based on network congestion, rate burning helps stabilize the rate market and prevent overly high or volatile rates. .
Burn by Sector
Blur.io is also approaching the 30-day timeframe, with Uniswap and OpenSea topping the charts, spending a combined 14,273 ETH last month. Additionally, Blur.io burned 3,012 ETH in the same period.
Additionally, the NFT sector accounted for 23% of the ETH burned in the last 30 days with 18,666 ETH. By comparison, the DeFi sector dominated him at 32%, with a total of 25,403 ETH burned. However, in the last 24 hours, NFT transactions burned 549 ETH while DeFi burned 690 ETH.
Overall, the data suggests that both the NFT and DeFi sectors are contributing significantly to ETH burning activity, with the Blur.io marketplace emerging as a notable new player in this space.
