The supply of Ether is again flipping deflationary after users a sharp uptick in demand for Ethereum blockspace.
Data from Ultra Sound Money shows that Ethereum’s burn-rate offset the issuance of new coins by 1,960 ETH ($3.7M) over the past seven days. Uniswap traders led the charge by driving 13.3% of burned ETH, followed by simple token transfers with 6%, and the Tether stablecoin protocol with 5%.
Banana Gun, a Telegram trading bot, also made up a significant share of on-chain activity, pushing 3.5% of burned ETH.
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#undefined [Source: TheDefiant]