Blur.io, a new NFT marketplace, has topped the Ethereum burn leaderboard.
Blur.io topped Ethereum gas usage on Sunday burning 252.88 ETH in a 24-hour period.
Uniswap, Opensea and regular ETH transfers followed the promising new NFT marketplace.
Blur NFT marketplace surpasses Opensea in ETH burns
Blur.io is a decentralised NFT marketplace with community utilities and its own BLUR token. Since its official launch on February 15, the platform has climbed the ranks to be one of the top Ethereum gas guzzlers.
On February 20 the exchange surpassed £120 million in trading volume over the course of 24 hours, a record not surpassed since April 2022.
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With Blur bidding, collection tracking, loyalty scores and its own cryptocurrency, Blur has become a go-to decentralized marketplace for Ethereum NFT traders who are on the lookout for an alternative to the Opensea monopoly.
Blur’s native BLUR cryptocurrency token launched at around $5.00 before falling quickly to $0.60 a few hours after launch.
The token has climbed over the past few weeks to over $1.00 with a market cap of just under $500 million. The token’s limited circulation supply and token incentives have drawn Ethereum users to the marketplace and its native token.
As part of the Ethereum migration to proof of stake, the burn mechanism intends to gradually reduce Ethereum's circulating supply and boost Ethereum's value and scarcity.