The burning feature, which came to the Ethereum (ETH) network, especially thanks to EIP-1559, reached a record yesterday. The burn rate on the Ethereum network broke records, especially thanks to Yuga Labs' next metaverse project, Otherside.
Yuga Labs, also the developer of Bored Ape Yacht Club, sold a total of 55,000 virtual land. The lands in question, Otherdeeds, were put up for sale on May 1, and they will take place in the virtual world called Otherside. The incredible demand for these led to record Ethereum gas fees. The fees in question were so high that users had to pay between 2.6 Ethereum (ETH) and 5 Ethereum (ETH) just to confirm the transaction. Meanwhile, the amount of burning in the network broke a record. According to the information provided by Glassnode and Data Always, more than 70,000 Ethereum (ETH) was burned on May 1. This amount is almost 4 times the 20,000 Ethereum (ETH) burning seen in mid-January.
Although this situation brings with it Ethereum-based criticism, it may even be a great miracle that the network works under such a density. Looking at the list of applications that provide the most Ethereum (ETH) burning in the Ethereum network, it is clearly seen that Otherdeed outstrips OpenSea, which is in the second place, by about 8 times. However, Yuga Labs plans to switch to another network, and this may actually be the last case where Yuga Labs blocked the Ethereum network. Previously, the ApeCoin (APE) airdrop event had a similar situation.
"This is approximating the rest of the day as normal burn. We could easily see the number go above 70k as other transactions need to catch up on missed blockspace. It's just incomparable to anything we've seen before."