70,000 ETH burned to sell Bored Ape metaverse

Key facts:
  • Selling metaverse parcels from NFTs fueled commission burning on Ethereum.

  • By the end of the day, the number of ETH burned three times was the highest mark ever.

This Sunday, May 1, Ethereum experienced the largest commission burning in Ether (ETH) in its history. At the end of the day, 71,717.8 units of the original cryptocurrency had been removed from the network, as a result of the EIP-1559 improvement proposal implemented nine months ago.

Such statistics are reflected on the site watchtheburn.comAnd It is more than three times the previous record, which was reported on January 10, 2022, When 19,424.8 ETH was burned. This ether burn also led to the lowest net issuance in history, with a negative balance of 58,283 ETH.

ETH’s daily burn (above) and net issuance hit historic highs on May 1. Source: watchtheburn.com

What is the reason for these unpublished episodes? put in The sale of the land of the Metaverse for non-fungible Bored Ape Yatch Club tokens appears to be the main driver. As reported by CriptoNoticias, the hype around these plots from other metaversed ones, which does not have a definitive release date yet, cause the collapse In the network that raised prices to extremely high levels.

In the early hours of Sunday, shortly after the lands of the metaverse for developer Yuga Labs went on sale, The average fee for Ethereum was $399, or 6,193 GUI. 55,000 coins are for sale in NFT format with a value of 305 apecoin (APE), equivalent to $5,500 USD.

How are the Ethereum cryptocurrency fees and burns related?

This increase in rates had its effect on the record burning of ether that was consumed during the first day of May. As this newspaper explained in previous editions, Establishes EIP-1559 what or what The fees paid to miners are burned to validate Ethereum transactions. In the meantime, miners receive a tip for their work.

This is amazing suggest improvements, It was implemented in August 2021 on Ethereum, and aims to make Ether a long-term contraction. Of course, this may take time to achieve because a point must be reached where the emission is less than the burning of this cryptocurrency. This is expected to happen only after the merger, when version 2.0 of the network is fully functional. Such an event is expected to occur before the end of 2022, according to Developer details.

But, The rhythm of combustion was not the best. In March 2022, CriptoNoticias reported how to dispose of circulating ethers at the lowest point, which has also been added with ascending emission. At the time, a few days of the month had over 5,000 ETH burned, a number far lower than the more than 71,000 that were burned just last Sunday.

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