OpenSea Causes Majority of Ether Burns

Since the introduction of EIP-1559, hundreds of thousands of ETH have been burned. A recent data by ultrasound.money even indicated that the burned ETH could soon hit 900,000, with the largest NFT marketplace OpenSea accounting for more than 10% of the burned asset.

The leading NTF marketplace became a leader among the top-tier coin burners months ago when the burned rate emanating from OpenSea spiked in August due to the NFT rally.

Per the data, out of the 892,000 Ethereum burned coins reported by the Ultrasound.money,  OpenSea accounts for 100,854 ETH (equivalent to $400 million). Supposing the EIP-1559 burning mechanism has not been introduced, the burned coins would be received by miners who would eventually sell them on different exchanges.

Aside from the leading NFT marketplace, others like Uniswap routers, MetaMask, and Tether stablecoins are also among the leading coin burners. Decentralized exchanges routers, token, and swap protocols also have their ETH burned. However, their burn rate is way smaller when compared to that of OpenSea.

Currently, there is no adjustment in Ethereum issuance per year, as it remains at 5.4 million. The figure was arrived at after the last reduction by nearly 50 percent. The expected burn rate per year now is 3.2 at million ETH. Going by the previous speculation of experts, Ethereum could turn deflationary in the coming year.

At the time of writing, Ethereum was changing hands around $4,680 after gaining around 1 percent within the last 24 hours. The value of the asset has also dropped by close to 4 percent from its ATH.

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