Summer of Plenty — August 30

Chart of the Day

On Fire! More than $400 million worth of Ether has been burnt since the network’s EIP 1559 upgrade, which means that the massive transactions fees that were once handed to miners are now being removed completely from the network. Talk about the transition to a deflationary economy. Last Friday recorded the fieriest burning day — a total of 11,176 ETH were taken out of circulation — when the explosive week of NFT sales culminated in CryptoPunk blasting past $1 billion in lifetime sales. Needless to say, leading NFT marketplace OpenSea tops the ETH burn leaderboard, followed by a distant second, ETH transfers. The dramatic jump in ETH transaction fee might have played some part in Solana’s weekend rally, as its native token soared 25% to a new all-time high as hopes for a new DeFi wave grows. 

Talk of the Town

Art of Investment. What do we talk about when we talk about the movement of money in the crypto space? It is hard to look away (I mean do you see that spike?) when the NFT markets are making some of the most jaw-dropping sales figures in past weeks. OpenSea doubled its transaction volume to $3 billion for the second month straight. ArtBlocks broke its record with a $5.8-million sale, while some of its NFTs bagged 48,000% returns. The explosive generative art and collectible scene have attracted attention beyond the crypto community. Even if you remain oblivious to Visa’s CryptoPunk acquisition, when the three-time NBA champion Stephen Curry joined the Bored Ape Yacht Club, you’ve got to where this is going.