NFT marketplace aggregator Blur.io has surpassed Uniswap, OpenSea and Etherum transactions as the top ETH burner in the last 24 hours.

Data general Access Protocol CEO Mika Honkasalo of Ultrasoundmoney emphasized that more than 252 ETH was burned as a result of Blur.io activity between February 18 and 19. ETH and 177.8 ETH from Uniswap and OpenSea, respectively.

However, when the Uniswap V2 and V3 contracts are merged, Uniswap burned a total of 328 ETH, slightly pushing Blur.io out of the top spot.

Blur.io

Blur.io is an NFT marketplace designed for “professional traders” with the ability to cover multiple marketplaces from a single dashboard. Blur rose to prominence with its giveaway campaign at the end of 2022, and its popularity has skyrocketed since then.

Analytics platform DappRadar placed Blur.io at the top of its leaderboard by volume in the past 24 hours as activity surged 41% to reach $114.34 million.

Ethereum burning mechanics

The base fee is paid by the sender of the ETH transaction and then burned to reduce the total supply of ETH. This burning mechanic reduces the overall supply of ETH over time, leading to an increase in its scarcity and a potential increase in its value.

The base fee burning introduced in EIP-1559 also helps create a more stable market for fees on the network. Because the base fee dynamically adjusts based on network congestion, burning it helps keep the fee market stable and prevents fees from going up or volatile.

Burn by sector

Blur.io is also approaching the 30-day time frame where Uniswap and OpenSea top the charts with a combined burn of 14,273 ETH over the past month. In addition, Blur.io burned 3012 ETH in the same period.

In addition, the NFT sector has taken 23% of the ETH burned in the last 30 days with 18,666 ETH. In comparison, the DeFi sector received the majority at 32%, with a total of 25,403 ETH burned. However, in the last 24 hours, NFT transactions have burned 549 ETH, while DeFi transactions have burned 690 ETH.

Overall, the data suggests that both the NFT and DeFi sectors are making a significant contribution to ETH burning activity, with the Blur.io market emerging as a prominent new player in this area.

Liam “Akiba” Wright

Editor and Producer of Cryptooshala

Liam, also known as Akiba, is a Blocklight journalist and editor at Cryptooshala. He believes that decentralized ledger technology can lead to widespread positive change. He predicts that the next 10 years will bring the dawn of a new era of technological innovation.

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