On July 26, user nd4.eth sent 2,500 ETH (~$4.58 million at the time of writing) to a burn address. Drawn attention to this journalist Colin Wu.
According to on-chain data, on July 29, he spent 5330 DAI stablecoins to buy GMX and GNS tokens. On the same day, nd4.eth burned 1.5 ETH, 600 GNS and 34.9 GMX worth about $7,000.
Currently, the address still holds 34,287 GMX (~$1.84M) and 311,003 GNS (~$1.43M). The user also has 3.5 ETH (~$6400), 5411 LINK (~$38,900) and $41,000 left in ApeCoin staking.
Some users jokingly thanked nd4.eth for contributing to Ethereum’s deflationary model. Lawrence Day, the creator of the Wildcat protocol, also commented on the situation.
“If you woke up this morning and didn’t say thank you, nd4.eth, for contributing to the ultrasonic money narrative, then you should think carefully about your goals,” he joked ironically.
The term “ultrasound money” emerged as a meme in the Ethereum community to mock bitcoin maximalists who described the first cryptocurrency as “healthy money” due to its limited supply of 21 million coins.
According to a ForkLog analytics report, the Ethereum network burned about 1.8 million ETH in 2022. At the same time, in the second quarter, the rates significantly decreased against the backdrop of a fall in the asset’s quotations.
Recall that in February, NFT collector Brandon Riley mistakenly sent CryptoPunk #685 to a burning address. He bought the token for 77 ETH, about $129,000 at the time.
In June, a group of bitcoin enthusiasts deliberately burned CryptoPunk #8611 worth $94,000. Later, the inscription Ordinals appeared on the basis of the destroyed token.
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