This Week in NFTs: ETH Staking, Burning & ChatGPT Turbo

This Week in NFTs: ETH Staking, Burning & ChatGPT Turbo

ETH Staking & Burning

Since Shanghai's implementation last month,the network has shown that most Ethereum enthusiasts are still very eager to start staking.

Certain experts suggest that this is a positive trend for the asset because the large amount of Ethereum being staked means that less ETH is being offered for sale on the open market.

Over the last month, meme coins have gained significant popularity in the crypto world. However, this increased volume has inadvertently led to a rise in the ETH burn rate. According to Ultrasound Money, a website dedicated to Ethereum's activities post-Merge, a total of 561,656 ETH has been burned since the Merge occurred 231 days ago.

Looking at a shorter time frame of 30 days, data shows that over 130,852 ETH has been burned in the past month alone. This means that roughly 23% of the total burned ETH was burned in the last month, triggered by the rise in activity in the network.

The higher bids for block space caused by increased activity on the Ethereum network results in higher gas fees as users try to confirm their transactions faster. The more bids for block space, the more ETH is burned. As a result, Uniswap, the largest decentralized exchange on the network, has experienced the largest burns, with approximately 32,800 ETH burned in the last 30 days.

The burn rate has accelerated, with more than 45,000 ETH burned in the last seven days. Currently, the burn rate sits at 4.53 ETH per minute, with an issuance offset rate of 3.47x.

The network's 24-hour volume has climbed to $1.12 billion, and it remains the preferred network for many new projects, including PEPE, WOJAK, and TURBO, which alone have done over $3 billion in cumulative trading volume.

$TURBO - ChatGPT AI meme coin

An experiment in meme coin creation, involving a crypto artist and the AI model ChatGPT, has led to the development of a cryptocurrency with a market cap of over $100 million in just a matter of days.

The crypto artist, Rhett Dashwood, also known as Mankind, created $TURBO, a meme coin, as a piece of performance art and as an experiment with the help of ChatGPT.Β 

With only $69 as a budget and no coding experience, Mankind relied on ChatGPT's assistance to develop $TURBO. In a short period of time, the coin achieved a market cap of more than $100 million.

TURBO has been also mentioned by beeple in one of his latest artworks which got the attention of Elon Musk.

$TURBO's story is a reminder that the Web3 platform can be a source of positive changes and unanticipated innovation.

The account of $TURBO exemplifies the potential of AI models such as ChatGPT in contributing to revolutionary projects within the Web3 sphere. As we delve deeper into the digital frontier, stories like that of Mankind emphasize the potential of creativity and collaborative efforts between humans and AI.

Did you enjoy this article?

Subscribe to Redlion Gazette

Gazette time units are weeks so our subscriptions follow that pattern. You are always getting your Gazette & ArtDrop plus saving 30% of the minting price! There are 2 tiers of subscription.

        Never miss a thing!

        Find your weekly guilty pleasure in a mailbox.