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Blur.io, an NFT marketplace aggregator, has eclipsed Uniswap, OpenSea, and Ethereum transactions as the largest burner of ETH during the previous 24 hours.
By February 18 and February 19, around 252 ETH were burnt due to Blur.io activities, according to Ultrasoundmoney data provided by Access Protocol CEO Mika Honkasalo. In addition, the two contracts found by Ultrasoundmoney totalled 310.7 ETH, compared to 239.39 ETH and 177.8 ETH, respectively, from Uniswap and OpenSea.
Source: ultrasound.money
Yet, when Uniswap V2 and V3 contracts were merged, Uniswap burnt a total of 328 ETH, just dethroning Blur.io.
Blur.io
Blur.io is a marketplace for non-fungible tokens that allows “pro traders” to sweep the floor of various markets from a single interface. Blur acquired recognition in late 2022 via an airdrop campaign and has since had a spectacular climb in popularity.
The analytics platform DappRadar has put Blur.io at the top of its volume rankings for the last twenty-four hours, as trading activity increased by 41% to $114.34 million.
Source: DappRadar
Ethereum burn mechanics
The sender of an ETH transaction pays a base fee, which is subsequently burnt to lower the total quantity of ETH. This burn mechanism decreases the total supply of ETH over time, and its scarcity will allegedly increase, and its value may rise.
Burning the basic charge, as established by EIP-1559, also contributes to a more stable network fee market. While the primary cost is constantly modified depending on network congestion, burning the fee contributes to the stability of the fee market and prevents rates from being overly high or erratic.
Burn by sector
Blur.io is also approaching a 30-day span where Uniswap and OpenSea burnt 14,273 ETH in the last month to lead the rankings. At the same time frame, Blur.io was also responsible for burning 3,012 ETH.
In addition, the NFT sector consumed 23% of the ETH burnt over the last 30 days or 18,666 ETH. Comparatively, the DeFi sector burnt 25,403 ETH or 32% of the total. NFT transactions have burnt 549 ETH, and DeFi transactions have burned 649 ETH during the previous 24 hours.
Source: ultrasound.money
Overall, the data indicate that the NFT and DeFi industries are significant contributors to ETH burn activity, with the Blur.io marketplace emerging as a new important participant.