Blur.io tops Uniswap, OpenSea, and Ethereum by volume in ETH Burned.

NFT market aggregator Blur.io has surpassed Uniswap, OpenSea and Etherum in trading volume in the past 24 hours to become the largest ETH burner.

Data shared by Access Protocol CEO Mika Honkasalo from Ultrasoundmoney highlights that more than 252 ETH was burned between February 18 and February 19 due to Blur.io activity. Additionally, the two contracts identified by Ultrasoundmoney totaled 310.7 ETH, compared to 239.39 ETH and 177.8 ETH from Uniswap and OpenSea respectively.

However, when the Uniswap V2 and V3 contracts were merged, Uniswap destroyed a total of 328 ETH, narrowly pushing Blur.io off the top spot.

Blur.io

Blur.io is an NFT marketplace for “professional traders” that is able to sweep multiple markets from a single dashboard. Blur gained notoriety for its airdrop event in late 2022 and has since rapidly risen in popularity.

Analytics platform DappRadar put Blur.io at the top of its trading volume rankings over the past 24 hours, with trading volume up 41% to $114.34 million.

Ethereum destruction mechanism

The base fee is paid by the sender of an ETH transaction and then burned to reduce the overall supply of ETH. Over time, this burning mechanism reduces the total supply of ETH, which means it increases its scarcity and potentially its value.

Burning the base fee introduced in EIP-1559 also helps create a more stable fee market on the network. Because the base fee is dynamically adjusted based on network congestion, burning the fee helps ensure that the fee market remains stable and that fees do not become too high or volatile.

Burning by sector

Blur.io is also close to the 30-day timeframe, where Uniswap and OpenSea top the list, destroying a total of 14,273 ETH in the past month. Additionally, Blur.io is responsible for destroying 3,012 ETH in the same period.

In addition, the NFT sector accounted for 23% of the ETH destroyed in the past 30 days with 18,666 ETH. In contrast, the DeFi industry accounted for the majority with 32%, destroying a total of 25,403 ETH. However, in the past 24 hours, NFT transactions have consumed 549 ETH and DeFi has consumed 690 ETH.

Overall, the data shows that both the NFT and DeFi sectors are significant contributors to ETH destruction activity, and the Blur.io market is becoming a new and important player in the space.