Over 20,000 ETH Burned In A Single Day, Setting A New Record.

Almost 20,000 ETH were burnt in a single day, creating a new milestone.

The London hard fork, which went live on August 5, 2021, made it feasible to pay Ethereum fees using burnt ether.

Since August, the burning has been at an all-time high, which appears to be related to the growth of decentralized finance (DeFi) platforms and the trade of non-fungible tokens (NFTs).

According to data from the Watch the Burn web service, a new record for ethereum burning was reached on January 10 with a total of 19,424 destroyed in a single day. Notably, the last all-time high was more over 16,000, set in mid-October 2021.

In general, DeFi platforms are becoming more and more popular, with Alex Svanevik, CEO of Nansen, a site that focuses on gathering statistics about Ethereum, posting several graphs on his Twitter account, in which it can be seen that platforms such as Uniswap (in its versions 2 and 3) and OpenSea had created the most amount of gas expenditures in 2021, according to the data.

Despite being in second place for most gas usage in 2021, according to Defiant’s analysis, OpenSea was the platform that burnt the most ether in 2021, with 2,755 destroyed after the activation of EIP-1559 in August.

Because of the rising interest in NFTs, Ethereum has seen increased activity. As a result of the increasing demand, marketplaces such as OpenSea, which is a market for buying and selling valuable tokens, have forced to charge fees.

According to data, the month of January, which has yet to conclude, has already been one of the busiest months for OpenSea’s NFT trading, with record highs being set, as indicated by Dune.

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Patrick

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