• The success of the PEPE meme coin has caused a rapid burn rate on the Ethereum (ETH) network.
• The increased volume of meme coins on Ethereum triggered a rise in gas fees and an increase in ETH burn rate.
• Ethereum continues to dominate DeFi with a 24-hour volume of $1.12 billion.
Success of PEPE Meme Coin Leads to Rapid ETH Burn Rate
The success of the PEPE meme coin has triggered a rapid burn rate on the Ethereum (ETH) network. According to data from Ultrasound Money, 561,656 ETH has been burned since the Merge occurred 231 days ago and 130,852 ETH was burned in just 30 days due to increased activity in the network. This means that around 23% of the total burned ETH so far were burned in the last month as users bids for block space drove up gas fees and ultimately led to more ETH being burned.
Uniswap Responsible For Major Burning Activity
The largest portion of this burning activity has been seen on Uniswap, the largest decentralized exchange on Ethereum’s network. Ultrasound Money reported that 32,800 ETH was burned by transactions on Uniswap over the last 30 days and 45,000 ETH was burned during the previous seven day period alone. As a result, Emerald’s burn rate now sits at 4.53 ETH per minute with an issuance offset rate of 3.47x.
Meme Coins Trigger Dominance Of DeFi By Ethereum
Meme coins have long been popular amongst crypto traders but recently their presence has become even more prominent as evidenced by their increasing volumes across all networks. On Ethereum’s network specifically this trend is continuing as it currently holds 24-hour volume worth $1.12 billion dollars – further cementing its place as DeFi leader across all networks..
Increased Gas Fees Lead To Increased Burning Activity
The higher bids for block space leads to an increase in gas fees as users try to get their transactions confirmed faster which ultimately leads to more ETH being burned when those transactions are made successful or not successful at all respectively.. This is what translates into higher rates when it comes to burning activities taking place on blockchain networks such as Ethereum’s own native chain or any other derivative chain running off it like Uniswap or any other DEX for that matter..
The success of the PEPE meme coin has highlighted how rapidly activity can take place on blockchain networks like Ethereum when given enough exposure and attention from traders who want access to new assets quickly and securely without having to worry about centralization or trust issues associated with centralized exchanges.. This also shows how powerful decentralized finance (DeFi) can be when given enough resources and support from users who understand its true potential..