Over $1.19 Billion Worth Of Ether Was Burned In January

Data from Ultrasound Money reveals that over $1.19 billion worth of Ether (ETH) was burned in the month of January 2022, a record burn rate since the introduction of the EIP-1559 upgrade in August 2021. This record burn rate was attained due to the record transaction volume recorded by the world’s largest NFT marketplace, OpenSea.

In January, the total volume of NFT transactions on OpenSea hit an all-time high of $4.96 billion. It currently ranks #1 on a burn leaderboard compiled by Ultrasound Money, with 66,822 ETH. Using today’s market price, puts the dollar value at $200.72 million, burned in the past 30 days.

In second and third place were token burns from Ethereum transactions and Uniswap V3, numbering 36,064 ETH ($108.86 million) and 24,257 ETH ($75.89 million), respectively.
– Nairametrics