Tuesday, March 28, 2023
  • Login
EthozEdge
No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
Cryptocurrency Marketcap
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
No Result
View All Result
EthozEdge
No Result
View All Result
Home Crypto News Ethereum

Otherside NFT Minting Frenzy Resulted In $157M Burned In ETH

by ethozedge
May 3, 2022
in Ethereum
Reading Time: 3 mins read
A A
0
Share on FacebookShare on Twitter


The Otherside NFT minting frenzy resulted in $157 million burned in ETH which was more coins burned than issued so let’s read more about it in our latest Ethereum news.

The rush to buy Otherdeed NFTs over the weekend spiked gas fees on two crypto networks and burned about $157 million worth of ETH making it the sixth-biggest source of burned ETH ever. The minting event managed to top the AHT burns of OpenSea’s exchange contract as the largest NFT marketplace, a Uniswap v3 router, and the biggest exchange by volume as well MetaMask as one of the most popular ETH software wallets.

Thanks for burning over 55,000 ETH in 24 hours apes! pic.twitter.com/85HJ6nAl1Z

— sassal.eth 🦇🔊🐼 (@sassal0x) May 1, 2022

Otherdeed still held the 30-day top spot on the UltraSound Money leaderboard which caused the fees to surge over the weekend are required to purchase plots of land in Yuga Labs’ Otherside metaverse proejct which is an extension of the popular Bored Ape Yacht Club collection. The blockchain transaction requires gas or fees to be validated and added to the distributed ledger which underpins a blockchain. For each Ethereum transaction, there’s a base fee that is always paid and when the network is busy or when the user wants to boost the transaction, the fees can be by a large margin.

The Otherside NFT minting frenzy resulted in people paying more gas fees to bump their transactions at the front of the line which clogged the Ethereum mainnet and made it slow and expensive to complete the transactions. The Otherdeed buyers with the possibility to do so paid extra gas fees to get the transactions processed faster. In another example, the interested buyer spent up to $14,000 in ETH gas to mint just two of the otherdeed NFTs. The burn mechansim introduced by the EIP-1559 took the base fee generated by the Ethereum transactions out of circulation and sent them to a defunct wallet address rather than paying them to ETH miners for validating transactions.

Yuga Labs Saw, otherside, otherdeed, eth, nft

It is meant to help the network transition from PoW to PoS which is a more energy-efficient algorithm that requires less actual compute power and the transition lasted a lot longer than planned. When it was launched last year, the EIP-1559 was expected to take $30 million worth of ETH out of circulation per day and the Overdeed minting even took far more than that out of circulation. Right now, the network’s net issuance is negative 52,899 ETH which means that the network underwent a huge deflationary shock.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]





Source link

Tags: 157Mbitcoin newsBurnedcrypto analysiscrypto newsETHEthoz EdgeFrenzyLatest bitcoin newslatest crypto newsMintingNFTOthersideResulted
Share76Tweet47

Related Posts

AI NFTs: The Newest Creations Powered by Technology!

by ethozedge
March 27, 2023
0

Artificial Intelligence (AI) and Non-Fungible Tokens (NFTs) are two of the most revolutionary technologies of our time. AI is transforming...

We released the tokenize.it smart contracts

by ethozedge
March 27, 2023
0

tokenize.it is building a platform for that simplifies investments in companies. We are starting in Germany very soon. We released...

Does AI have a future in cryptocurrency?

by ethozedge
March 26, 2023
0

Is it true that AI will be able to create a token that will be controlled entirely by artificial intelligence...

Des nouvelles de la gouvernance d’Ethereum France

by ethozedge
March 23, 2023
0

De nombreux sujets intéressants ont été discutés ces deux derniers mois au sein de l’association Ethereum France. Parmi eux, la...

Maybe you miss these Breaking News 07/03

by ethozedge
March 23, 2023
0

TL;DR Voyager sold 1,449 $ETH via Wintermute and received 2.25M $USDC $XRP Ledger Developers Unveil Proposal That Could ‘Significantly Expand’...

Load More
  • Trending
  • Comments
  • Latest

🔴 Bank of America Bets on Crypto

April 11, 2022

Pomelo Launches Family Credit Cards to Combine Credit and International Money Transfer

August 16, 2022

How to Add Polygon (MATIC) to Your MetaMask Wallet

May 28, 2022

The Sandbox Price Prediction 2022-2030: HODL or DUMP?

May 25, 2022

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

0

At least 54 apes were stolen in BAYC Instagram hack

0

Binance Introduces New Crypto Card for Ukrainian Refugees

0

55,000 Meta Cricket League NFTs sell out in nine minutes

0

Polygon announces the launch of open-source zkEVM

March 28, 2023

Ripple Contributes To New Digital Euro Whitepaper By DEA

March 28, 2023

THORChain halts Operations Due To Network Vulnerability Report

March 28, 2023

Disney disbands entire metaverse team – 50 staff jobs cut

March 28, 2023
Facebook Twitter LinkedIn Tumblr RSS
EthozEdge

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at EthozEdge

CATEGORIES

  • Altcoin News
  • Avalanche Network
  • Binance Smart Chain
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Regulation News
  • DeFi
  • Ethereum
  • EVM News
  • Fantom Opera Chain
  • Harmony Chain
  • Huobi Eco Chain
  • Metaverse
  • NFT
  • Polygon Chain
  • Scam News
  • Web 3.0
  • XDai Chain

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$26,971.000.43%
  • ethereumEthereum(ETH)$1,740.411.87%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.23%
  • binancecoinBNB(BNB)$311.87-1.30%
  • usd-coinUSD Coin(USDC)$1.00-0.08%
  • rippleXRP(XRP)$0.508.70%
  • cardanoCardano(ADA)$0.3601655.59%
  • staked-etherLido Staked Ether(STETH)$1,735.501.97%
  • dogecoinDogecoin(DOGE)$0.0727850.31%
  • matic-networkPolygon(MATIC)$1.061.40%
  • solanaSolana(SOL)$20.272.71%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • polkadotPolkadot(DOT)$5.972.43%
  • litecoinLitecoin(LTC)$86.77-2.40%
  • shiba-inuShiba Inu(SHIB)$0.000010-0.29%
  • tronTRON(TRX)$0.0636791.81%
  • avalanche-2Avalanche(AVAX)$16.541.06%
  • daiDai(DAI)$1.000.19%
  • uniswapUniswap(UNI)$5.722.48%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,016.000.35%
  • chainlinkChainlink(LINK)$6.850.05%
  • cosmosCosmos Hub(ATOM)$11.295.35%
  • leo-tokenLEO Token(LEO)$3.37-0.68%
  • ToncoinToncoin(TON)$2.05-1.91%
  • moneroMonero(XMR)$154.19-1.38%
  • ethereum-classicEthereum Classic(ETC)$19.933.14%
  • okbOKB(OKB)$42.551.87%
  • stellarStellar(XLM)$0.0953734.99%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$120.881.68%
  • filecoinFilecoin(FIL)$5.391.76%
  • true-usdTrueUSD(TUSD)$1.001.27%
  • AptosAptos(APT)$11.060.09%
  • lido-daoLido DAO(LDO)$2.141.70%
  • hedera-hashgraphHedera(HBAR)$0.0589491.82%
  • quant-networkQuant(QNT)$120.190.32%
  • crypto-com-chainCronos(CRO)$0.0668590.03%
  • nearNEAR Protocol(NEAR)$1.860.70%
  • vechainVeChain(VET)$0.0220611.06%
  • apecoinApeCoin(APE)$4.074.69%
  • ArbitrumArbitrum(ARB)$1.17-1.69%
  • algorandAlgorand(ALGO)$0.2003740.67%
  • internet-computerInternet Computer(ICP)$4.760.56%
  • eosEOS(EOS)$1.101.96%
  • blockstackStacks(STX)$0.88-4.49%
  • the-graphThe Graph(GRT)$0.1323230.10%
  • fantomFantom(FTM)$0.408808-1.12%
  • the-sandboxThe Sandbox(SAND)$0.602.09%
  • fraxFrax(FRAX)$1.000.18%
  • elrond-erd-2MultiversX(EGLD)$41.280.85%
  • decentralandDecentraland(MANA)$0.572.02%
  • aaveAave(AAVE)$70.011.01%
  • tezosTezos(XTZ)$1.08-0.06%
  • theta-tokenTheta Network(THETA)$0.972.32%
  • flowFlow(FLOW)$0.921.11%
  • immutable-xImmutableX(IMX)$1.054.27%
  • axie-infinityAxie Infinity(AXS)$8.122.47%
  • neoNEO(NEO)$12.281.84%
  • rocket-poolRocket Pool(RPL)$44.2010.45%
  • kucoin-sharesKuCoin(KCS)$8.26-0.04%
  • paxos-standardPax Dollar(USDP)$1.000.06%
  • BitDAOBitDAO(BIT)$0.520.02%
  • havvenSynthetix Network(SNX)$2.33-0.04%
  • WhiteBIT TokenWhiteBIT Token(WBT)$5.01-0.11%
  • usddUSDD(USDD)$0.99-0.59%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001210.73%
  • curve-dao-tokenCurve DAO(CRV)$0.901.60%
  • conflux-tokenConflux(CFX)$0.3313484.83%
  • klay-tokenKlaytn(KLAY)$0.2227150.16%
  • gatechain-tokenGate(GT)$4.870.03%
  • bitcoin-cash-svBitcoin SV(BSV)$35.380.23%
  • optimismOptimism(OP)$2.154.35%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.59-0.21%
  • sapphireSapphire(SAPP)$0.7035.32%
  • gmxGMX(GMX)$74.4511.97%
  • mina-protocolMina Protocol(MINA)$0.73-1.87%
  • dashDash(DASH)$55.580.03%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • chilizChiliz(CHZ)$0.1155731.85%
  • makerMaker(MKR)$673.094.88%
  • huobi-tokenHuobi(HT)$3.570.15%
  • bittorrentBitTorrent(BTT)$0.000001-0.08%
  • ecasheCash(XEC)$0.0000301.22%
  • iotaIOTA(MIOTA)$0.2029151.87%
  • xdce-crowd-saleXDC Network(XDC)$0.0398771.62%
  • Bitget TokenBitget Token(BGB)$0.386437-0.60%
  • frax-shareFrax Share(FXS)$7.531.15%
  • compound-ethercETH(CETH)$34.971.67%
  • EdgecoinEdgecoin(EDGT)$1.00-0.69%
  • FlareFlare(FLR)$0.04237626.32%
  • pax-goldPAX Gold(PAXG)$1,981.890.53%
  • Tokenize XchangeTokenize Xchange(TKX)$6.111.45%
  • tether-goldTether Gold(XAUT)$1,973.960.07%
  • singularitynetSingularityNET(AGIX)$0.401769-0.05%
  • trust-wallet-tokenTrust Wallet(TWT)$1.11-1.44%
  • binaryxBinaryX(BNX)$165.94-5.94%
  • Halo CoinHalo Coin(HALO)$0.057352-0.04%
  • compound-usd-coincUSDC(CUSDC)$0.0228040.47%
  • osmosisOsmosis(OSMO)$0.792.69%
  • mask-networkMask Network(MASK)$5.771.31%
  • zilliqaZilliqa(ZIL)$0.0263522.58%
  • loopringLoopring(LRC)$0.3388001.64%
  • 1inch1inch(1INCH)$0.4963630.71%
  • radixRadix(XRD)$0.040595-1.63%
  • nexoNEXO(NEXO)$0.722.73%
  • render-tokenRender(RNDR)$1.12-0.36%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,861.132.03%
  • cdaicDAI(CDAI)$0.0222421.17%
  • thorchainTHORChain(RUNE)$1.32-0.93%
  • kavaKava(KAVA)$0.865.85%
  • arweaveArweave(AR)$7.862.11%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.02%
  • KaspaKaspa(KAS)$0.02189114.94%
  • btse-tokenBTSE Token(BTSE)$2.36-1.16%
  • oec-tokenOKT Chain(OKT)$21.32-1.29%
  • convex-financeConvex Finance(CVX)$4.981.66%
  • zcashZcash(ZEC)$35.761.85%
  • dydxdYdX(DYDX)$2.409.62%
  • casper-networkCasper Network(CSPR)$0.033990-0.51%
  • enjincoinEnjin Coin(ENJ)$0.3687170.30%
  • DeFiChainDeFiChain(DFI)$0.53-0.32%
  • EthereumPoWEthereumPoW(ETHW)$3.331.36%
  • DogechainDogechain(DC)$0.001787-24.98%
  • basic-attention-tokenBasic Attention(BAT)$0.2401591.63%
  • fetch-aiFetch.ai(FET)$0.3404050.02%
  • WEMIXWEMIX(WEMIX)$1.432.91%
  • nemNEM(XEM)$0.0374471.70%
  • baby-doge-coinBaby Doge Coin(BABYDOGE)$0.000000-2.22%
  • ethereum-name-serviceEthereum Name Service(ENS)$12.812.82%
  • Nexus MutualNexus Mutual(NXM)$48.371.64%
  • FLOKIFLOKI(FLOKI)$0.000032-2.81%
  • Aleph ZeroAleph Zero(AZERO)$1.430.41%
  • woo-networkWOO Network(WOO)$0.1884924.64%
  • qtumQtum(QTUM)$3.011.29%
  • BeldexBeldex(BDX)$0.0604933.39%
  • theta-fuelTheta Fuel(TFUEL)$0.0513213.08%
  • holotokenHolo(HOT)$0.0017351.31%
  • terra-luna-2Terra(LUNA)$1.261.10%
  • injective-protocolInjective(INJ)$3.79-0.28%
  • decredDecred(DCR)$19.86-1.28%
  • kusamaKusama(KSM)$32.462.68%
  • celoCelo(CELO)$0.594.61%
  • galaGALA(GALA)$0.0385234.73%
  • ravencoinRavencoin(RVN)$0.024256-0.76%
  • olympusOlympus(OHM)$10.250.07%
  • Gains FarmGains Farm(GFARM2)$7,930.530.00%
  • audiusAudius(AUDIO)$0.28526910.41%
  • compound-governance-tokenCompound(COMP)$41.151.77%
  • MagicMagic(MAGIC)$1.321.22%
  • gnosisGnosis(GNO)$107.272.35%
  • safemoonSafeMoon [OLD](SAFEMOON)$0.000000-4.89%
  • oasis-networkOasis Network(ROSE)$0.0545681.61%
  • yearn-financeyearn.finance(YFI)$8,280.613.78%
  • liquity-usdLiquity USD(LUSD)$1.01-0.28%
  • balancerBalancer(BAL)$6.703.30%
  • linkLINK(LN)$39.570.19%
  • flex-coinFLEX Coin(FLEX)$2.653.90%
  • AstarAstar(ASTR)$0.0585700.05%
  • IdeaChainIdeaChain(ICH)$4.730.00%
  • chiaChia(XCH)$37.03-1.45%
  • ftx-tokenFTX(FTT)$1.89-21.52%
  • bitcoin-goldBitcoin Gold(BTG)$14.40-7.76%
  • ankrAnkr Network(ANKR)$0.0309941.94%
  • SSV NetworkSSV Network(SSV)$35.61-2.15%
  • Crypto Gladiator LeagueCrypto Gladiator League(CGL)$0.16194440.57%
  • omisegoOMG Network(OMG)$1.782.76%
  • Access ProtocolAccess Protocol(ACS)$0.008332-2.37%
  • nucypherNuCypher(NU)$0.191018-1.42%
  • huobi-btcHuobi BTC(HBTC)$26,977.000.58%
  • Bone ShibaSwapBone ShibaSwap(BONE)$1.02-4.64%
  • harmonyHarmony(ONE)$0.019051-0.14%
  • bloxBlox(CDT)$0.345579-6.92%
  • Manchester City Fan TokenManchester City Fan Token(CITY)$11.87-1.78%
  • AstraferAstrafer(ASTRAFER)$1.490.28%
  • stepnSTEPN(GMT)$0.3661521.14%
  • world-mobile-tokenWorld Mobile Token(WMT)$0.2920233.33%
  • DAO MakerDAO Maker(DAO)$1.55-2.35%
  • iotexIoTeX(IOTX)$0.024265-0.65%
  • convex-crvConvex CRV(CVXCRV)$0.791.98%
  • escoin-tokenEscoin(ELG)$2.861.88%
  • Meerkat SharesMeerkat Shares(MSHARE)$11,715.17-5.03%
  • golemGolem(GLM)$0.2244940.06%
  • tether-eurtEuro Tether(EURT)$1.080.48%
  • justJUST(JST)$0.0250600.97%
  • Staked LunaStaked Luna(STLUNA)$88.35-0.49%
  • Gains NetworkGains Network(GNS)$7.207.00%
  • Frax EtherFrax Ether(FRXETH)$1,740.002.14%
  • moonbeamMoonbeam(GLMR)$0.354481-2.01%
  • inSure DeFiinSure DeFi(SURE)$0.0080671.05%
  • BlurBlur(BLUR)$0.50-0.13%
  • jasmycoinJasmyCoin(JASMY)$0.0044380.66%
  • ecomiECOMI(OMI)$0.000782-1.07%
  • band-protocolBand Protocol(BAND)$1.682.93%
  • terrausdTerraClassicUSD(USTC)$0.0211221.09%
  • kadenaKadena(KDA)$0.921.10%
  • Ankr Staked ETHAnkr Staked ETH(ANKRETH)$1,925.73-2.13%
  • perpetual-protocolPerpetual Protocol(PERP)$2.92-2.77%
  • wavesWaves(WAVES)$2.041.67%