{"id":82713,"date":"2023-08-07T15:13:14","date_gmt":"2023-08-07T12:13:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82713"},"modified":"2025-09-12T06:44:20","modified_gmt":"2025-09-12T03:44:20","slug":"user-burns-5-million-worth-of-ethereum-tokens","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/user-burns-5-million-worth-of-ethereum-tokens\/","title":{"rendered":"User burns $5 million worth of Ethereum tokens"},"content":{"rendered":"

On 26 July, the user nd4.eth sent 2,500 ETH (roughly $4.58 million at the time of writing) to a burn address. This drew the attention of \u0436\u0443\u0440\u043d\u0430\u043b\u0438\u0441\u0442 \u041a\u043e\u043b\u0438\u043d \u0412\u0443<\/a>.<\/p>\n

\"photo_2023-08-07_13-31-55\"
Data: Etherscan<\/a>.<\/figcaption><\/figure>\n

According to on-chain data, on July 29 he spent 5330 stablecoins<\/a> DAI on purchasing GMX and GNS tokens. On the same day nd4.eth burned 1.5 ETH, 600 GNS and 34.9 GMX for about $7,000.<\/p>\n

\"photo_2023-08-07_13-31-55-2\"
Data: DeBank<\/a>.<\/figcaption><\/figure>\n

Currently, the address still holds 34 287 GMX (~$1.84 million) and 311 003 GNS (~$1.43 million). The user also has 3.5 ETH (~$6,400), 5 411 LINK (~$38 900) and $41 000 in staking<\/a> ApeCoin. <\/p>\n

Some users jokingly thanked nd4.eth for contributing to Ethereum’s deflationary model. Lawrence Day, the creator of the Wildcat protocol, also commented on the situation. <\/p>\n

\"Snimok-ekrana-2023-08-07-v-14.50.57\"
Data: X<\/a>.<\/figcaption><\/figure>\n
\n

\u201cIf you woke up this morning and didn’t say ‘thank you, nd4.eth, for contributing to the ultrasound-money narrative,’ you should really think about your goals,\u201d he quipped ironically.<\/p>\n<\/blockquote>\n

The term ‘ultrasound money’ originated as a meme in the Ethereum community to mock Bitcoin maximalists who described the first cryptocurrency as ‘sound money’ due to its limited supply of 21 million coins.<\/p>\n

According to ForkLog’s analytical report<\/a>, in 2022 the Ethereum network burned about 1.8 million ETH. In Q2 the pace slowed notably amid the asset’s price drop.<\/p>\n

Earlier in February, NFT<\/a>-collector Brandon Riley accidentally sent<\/a> CryptoPunk #685 to the burn address. He bought the token for 77 ETH \u2014 about $129,000 at the time.<\/p>\n

In June a group of Bitcoin enthusiasts intentionally burned CryptoPunk #8611<\/a> worth $94,000. Later, based on the destroyed token, appeared the inscription Ordinals<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

On 26 July, the user nd4.eth sent 2,500 ETH (roughly $4.58 million at the time of writing) to a burn address.<\/p>\n","protected":false},"author":1,"featured_media":82714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1268],"class_list":["post-82713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82713"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82713\/revisions"}],"predecessor-version":[{"id":82715,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82713\/revisions\/82715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82714"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}