Ethereum destruction in “Base” NFT of Coinbase L2 network surpasses all others

02/24/2023 11:40 • NFT Newsflash • 159 views

On February 24, it was reported that the destruction of Ethereum in the “Base” NFT of the Coinbase L2 network had reached 403.06 ETH, surpassing Blur (336.67 ETH), and ranked first in the past 24 hours, according to the data of ultra-sound.

Coinbase L2 network “Base” NFT Ethereum destroyed more than Blur

Interpret the above information:

News outlets reported on February 24, 2022, that Ethereum destruction in the “Base” NFT of the Coinbase L2 network had surpassed all other cryptocurrencies. According to ultra-sound data, the destruction of Ethereum had reached 403.06 ETH, surpassing Blur’s (336.67 ETH) destruction and ranking first in the last 24 hours.

The destruction rate of cryptocurrencies is an important factor that determines their value. The destruction mechanism is implemented through a process called “burning,” whereby a certain number of coins are permanently removed from circulation. This process reduces the total supply of coins and increases their scarcity, leading to an increase in the value of the remaining coins. Burning can be achieved in different ways, including destroying coins by sending them to an unspendable address or using them to purchase and then “burning” them.

The Coinbase L2 network is a Layer-2 scaling solution built on Ethereum. Coinbase is a popular cryptocurrency exchange that aims to provide secure and user-friendly services to its customers. The Base NFT is an NFT (non-fungible token) project associated with Coinbase that enables users to purchase and hold NFTs that are backed by real-world assets, such as a piece of art, music, or sports memorabilia.

The destruction of Ethereum in the Base NFT means that users of the platform have been burning Ethereum to purchase and hold NFTs. The high level of Ethereum burning suggests that the platform is gaining popularity among users, and the demand for NFTs backed by real-world assets is on the rise. It also indicates that people are willing to spend their Ethereum on NFTs, a growing trend in the cryptocurrency market.

In conclusion, the destruction of Ethereum in the Base NFT of the Coinbase L2 network surpassing all others is a positive indication of the platform’s growth and popularity among users. The trend also highlights the growing demand for NFTs backed by real-world assets and provides insight into the evolving use cases of cryptocurrencies beyond traditional payment methods.

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Ethereum destruction in “Base” NFT of Coinbase L2 network surpasses all others

Coinbase L2 network “Base” NFT Ethereum destroyed more than Blur

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