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Ethereum Destruction in Coinbase L2’s “Base” NFT Reaches New High in 24 Hours

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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 E…

Ethereum Destruction in Coinbase L2s Base NFT Reaches New High in 24 Hours

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

Analysis based on this information:


The latest data from ultra-sound revealed that the destruction of Ethereum in the “Base” NFT of the Coinbase L2 network reached a new high of 403.06 ETH on February 24. This surpassed the previous record held by Blur which saw a destruction of 336.67 ETH in the past 24 hours. This news drew attention from the cryptocurrency community as they try to make sense of what could be behind the increased activity.

Firstly, Ethereum is the native cryptocurrency of the Ethereum network and is used to fuel transactions and pay fees. However, with the rise of NFTs (non-fungible tokens), Ethereum is now also used to purchase digital assets that are stored on the blockchain, essentially immutably. The destruction of Ethereum in Coinbase L2’s “Base” NFT is a type of burn cycle which occurs when a portion of the token is removed from circulation. In this case, it is unlikely that the coins destroyed were accidentally lost, but rather deliberately burned as part of an NFT transaction. This is something that has happened before on platforms such as Ethereum’s own Etherscan, where users can destroy their Ethereum tokens as part of an NFT sale.

Likewise, Coinbase L2 is known as Coinbase’s Layer 2 scaling solution, which offers faster and cheaper transactions for users of the Coinbase exchange. Coinbase L2 operates on the Ethereum network, which is part of the reason why destruction of Ethereum in its “Base” NFT has increased interest in the cryptocurrency community. The recent surge in the destruction of Ethereum in the “Base” NFT could be linked to the growing use of NFTs in the market.

Finally, Ultra-Sound is a platform used for monitoring Ethereum transactions and activity, indicating that there is likely increased interest and speculation in Ethereum and NFTs in general. The increased interest in Ethereum is due to the upcoming ETH 2.0 upgrade which will make the network more scalable while reducing fees. NFTs, on the other hand, have drawn attention to their use as collectibles and digital art and have seen a surge in popularity and sales in recent months.

In conclusion, the destruction of Ethereum in Coinbase L2’s “Base” NFT reaching a new high in the past 24 hours is a clear indication of the increasing use of NFTs in the market. It could also be a sign of increased interest in Ethereum and the upcoming ETH 2.0 upgrade. As always, the cryptocurrency and NFT markets can be unpredictable, and it is important to take note of the changing trends and patterns.

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