NFT market volume on ethereum fell 48.7% to $652 million in May
According to a tweet from Lars, director of research at The Block, total on- chain trading volume fell 5.3% to $196 billion in May. Stablecoin on-chain trading volume fell 4.2% to $464.6 billion; issued supply contracted 1.4% to $122.4 billion, with USDT up 68.2%, new ATH supply at $83.5 billion and USDC down 22.2%. Bitcoin miner revenue rose 13.7% to $916.6 million, while ETH pledger revenue fell 34.5% to $157.2 million. In addition, the Ether network destroyed 204,576 ETH (approximately $380.1 million) in May. Ether began deflation in January of this year, and since the implementation of EIP-1559 in early August 2021, Ether has destroyed a total of approximately 3.36 million ETH (approximately $9.76 billion).
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