Cody McGrath 
ETH burned today exceeded 69,200 ETH with the net issuance of ETH at -61,600. Both set new ETH burning protocol single-day historical records
Below the $2,850 pivot level, Ethereum, the world’s largest altcoin, took a bearish path. In fact, during the market’s wider correction, ETH traded below the $2,800 support level.
Before the bulls appeared on the horizon, they traded as low as $2,718. Ether’s price began an upward correction shortly after and climbed above the $2,750 mark.
Following a 2% increase, ETH was trading at $2.85k at the time of publication. But that’s not all: ETH burning protocol sets a new record.
ETH Burning Protocol Set New Historical Record
Later this year, Ethereum is expected to become deflationary. The long-awaited ‘Merge’ would reduce ETH issuance by 90%, resulting in more ETH being burned than “printed.”
Due to high fees, Ethereum has already experienced several days of deflation, resulting in more coins being burned on the ETH burning protocol. The net issuance of ETH after the merger is expected to range between -1 percent and -2.5 percent, depending on the network’s transaction fees.
Here’s the latest report card on the ETH burning protocol, which continues to set new records.
According to WatchTheBurn, the total amount of ETH burned today on the ETH burning protocol was 69,200 ETH, with a net issuance of -61,600 ETH. Since the implementation of EIP-1559, both have set new single-day historical records.
Otherside Impacted Large Portion Of Crypto Market
Yuga Labs’ metaverse project’s highly anticipated virtual land sale went live a few days ago. The sale impacted a large portion of the cryptocurrency market.
Due to the high demand, ETH fees totaled nearly $200 million. In fact, according to Etherscan, users have paid nearly 64,000 ETH in fees in the last 24 hours, totaling over $175 million.
This unprecedented rise is best represented by the aforementioned uptick on the graph. The burn of 55,000 ETH from Otherdeed was the sixth-largest in history at the time of publication.
The base fee burned during each transaction steadily reduces Ether’s circulating supply thanks to EIP-1559. Ether’s supply has decreased by 1.6 percent since the burn protocol was implemented, compared to what it would have been without the hard fork. This indicates that its circulating supply has decreased significantly.
Similarly, the supply of ETH on cryptocurrency exchanges has been steadily declining in recent months. This indicated that the digital asset’s price could see more upward movement in the months ahead.
Doubts, Ponzi For Otherdeed
Yuga Labs, the company behind the wildly popular Bored Ape Yacht Club NFT collection, has released Otherdeed, a new land title collection for its Otherside Metaverse. Due to high demand, the average cost of an Ethereum transaction soared to over $400 at the time.
BitInfoCharts, a network fee tracker, reported that average fees reached an all-time high of around $200 on May 1. Obviously, a portion of the crowd would be enraged by the increase in the gas tax.
ETH users paid a median fee of $4,830 per transaction over a one-hour period following this event. As a result, labels like ‘Ponzi’ arose quickly.