Monkey-themed Non-Fungible Token Project, CyberKongz has taken the lead among all protocols for the highest Ethereum burn rate for the past 24 hours, according to the burning leaderboard provided by Ultrasound.
Money, CyberKongz VX has burned a total of 1,432.65 ETH in the last 24 hours, surpassing the total burn rate of OpenSea, Uniswap V2 and Axie Infinity.
The real-time burning of the Ethereum token was recently initiated by the EIP 1559 upgrade, which went live and turned the world’s second largest token into a deflationary asset. Burning occurs when users making transactions on the network pay a base fee to process all the work done. This basic fee is burned while miners only benefit from the optional tip being added to the transaction by the users.
CyberKongZ VX is a new animal-themed NFT that started as a collection of 1000 unique NFTs in March. The popularity of this project has grown over time as many collectors are looking for the super rare item that can be easily displayed as a profile photo on social media including Discord, Twitter and the like.
On this basis, CyberKongZ VX started a mass minting event on Sunday, at which around 10,000 CyberKongZ were available for minting. These include 3D versions that can be used in the CyberKongZ metaverse. The minted NFTs were sold out, and availability is now in secondary markets like OpenSea. The CyberKongZ VX, as listed on OpenSea, is priced at just 1.27 ETH, which is worth about $ 4,150, versus the most expensive at 10,000 ETH, or $ 33 million.
The increase in the burn rate was also accompanied by a rise in the gas fee to a price of $ 25, a level that has not been seen since May. The CyberKongZ VX hype will last a little longer as an accompanying token; $ BANANA was created which gives Genesis CyberKongZ owners the ability to claim ten coins a day for the next decade.
Image source: cyberkongz page