On Sunday, the coin burn rate of Ethereum It has risen to an all-time high (ATH) following the sale of land in Yuga Labs’ Metaverse project titled “Otherside.”
Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), has sold 55,000 NFTs under the name “Otherdeeds.” cause network congestion As a result, the transaction gas cost rose to 2.6 ETH, or around $7,400, and 5 ETH, or $14,270 later.
According to data compiled by Glassnode and Data Always, nearly 70,000 ETH coins were burned on Sunday. That’s more than triple the previous ATH of around 20,000 ETH in mid-January.
However, during the opening NFT On Otherdeed’s, the figure has risen to 9.83 ETH per minute, totaling 99,084.65 ETH over the past 7 days, and since then the burn rate has dropped to around 3.9 ETH per minute.
Over the past 7 days, it is worth noting that Otherdeed NFTs have been at the top in terms of “leaders in ETH burning,” with a coin burn rate of 55,817 ETH, accounting for 56% of all burns, surpassing it. OpenSea came in second place. It has a coin burn rate of 7,152 ETH.
This may be the last time Yuga Labs will use the Ethereum network.
as more users And with the high gas cost for a number of failed ETH transactions, Yuga Labs intends to build on the technology. Blockchain and transfer ApeCoin coins to their network
Yuga Labs tweeted on Twitter: Fees lost in failed transactions will be refunded.
However, paying large gas bills is the responsibility of each buyer. And the truth is that a lot of Otherdeed’s NFTs are now selling at high prices. with exorbitant fees
