Ethereum's burning rate has increased to unprecedented levels fueled by BAYC creator, Yuga Labs' highly-anticipated NFT sale.
Moreover, the averagesince the introduction of EIP-1559 last August has been 5.81 ETH per minute. In the monthly time frame, Otherdeed’s NFTs are currently dominating the burn leaderboard, accounting for over 55,824 ETH after surging past OpenSea, Uniswap v3, Tether, MetaMask, etc.
Touted as one of the largest NFT mints in history, Yuga Labs made more than $318.7 million from this mint alone. The sudden increase in demand for fast transactions clogged the Ethereum network resulting in gas wars. This is despite the projectThe creator of BAYC acknowledged the incident and“We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck. For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas.
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