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Ethereum Burns, Axie’s Inflection Point, DeFi Narratives

Aug 11, 2021 · 4 min read

By Ashwath Balakrishnan

Market Update

BTC and the rest of the market are already back in the green after yesterday’s “dip.” The market was choppy through the Asian and European sessions but buyers took control at the New York open. Other crypto assets have been on a tear today too. MATIC, SUSHI, HNT, and GRT stand out amongst the top 100.

ETH Burns Can Further Heat Up

On Monday, we spoke about EIP-1559 burns amounting to 17,000 ETH ($53 mn at the time) in the first five days since the London Hard Fork. Just two days later, 10,000 more ETH has been burned, taking the total up to 27,000 ETH or $88 million in cumulative burns. The old style of Ethereum transactions where miners receive the entire fee now co-exists with EIP-1559’s burn-and-tip transactions. Interestingly, EIP-1559 transactions still account for the minority of Ethereum transactions since launch. As the rate of adoption grows, it seems logical to expect ETH burning to steepen. You can see in the ch

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