Ethereum (ETH) The burning feature, which came to the network especially thanks to the EIP-1559, reached a record yesterday.
The burn rate on the Ethereum network has set a record, especially thanks to Yuga Labs’ next metaverse project, Otherside.
Record Burn on Ethereum Network
Yuga Labs, also the developer of Bored Ape Yacht Club, sold a total of 55,000 virtual land.
The lands in question are otherdeeds, It went on sale on May 1, and these are otherside will take place in the virtual world.
The incredible demand for these led to record Ethereum gas fees. The fees in question are so high that users simply need to confirm the transaction. 2.6 ETH to 5 ETH had to pay in between.
Meanwhile, the amount of burning in the network broke a record. According to information reported by Glassnode and Data Always, more than 70,000 ETH was burned on May 1.
This amount is almost 4 times the 20,000 ETH burns seen in mid-January.
This is approximating the rest of the day as normal burn. We could easily see the number go above 70k as other transactions need to catch up on missed blockspace. It’s just incomparable to anything we’ve seen before.
— T. | dataalways.eth (@Data_Always) May 1, 2022
Although this situation brings with it Ethereum-based criticism, it may even be a great miracle that the network works under such a density.
Looking at the list of applications that provide the most ETH burning in the Ethereum network, it is clearly seen that Otherdeed outstrips OpenSea, which is in the second place, by about 8 times.
However, Yuga Labs plans to switch to another network, and this may actually be the last case where Yuga Labs blocked the Ethereum network. Previously, the ApeCoin airdrop event had a similar situation.