Quick Take

• SuperRare hits $34 million in monthly trading volume.

• SuperFarm launches NFT marketplace built on layer2 platform ImmutableX.

• 600k ETH has been burned since the implementation of EIP-1559.

• Arbitrum opens permissionless token bridging for all ethereum assets.

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600K ETH Burned Since EIP-1559

More than 600k ETH has been burned since the implementation of EIP-1559. The Ethereum Improvement Proposal (EIP) was rolled out on August 5th, removing an estimated 7,000 ETH from circulation each day by sending base gas fees to a burner wallet address.

Part of the rise in Ether’s price can be attributed to EIP-1559, which has caused the cryptocurrency to become deflationary at times. This week, ethereum recorded a new all time high of $4,366, a metric last reached in April.

SuperRare Breaks $30m October Trading Volume

NFT marketplace SuperRare has reached a new record in monthly trading volume, surpassing more than $34 million so far this month. SuperRare’s previous record of $29.5 million was set back in March. The number of active collectors has dropped on the platform, however, the average sales price has increased to 12.1 ETH over the last 1,000 sales.

Starry Night Capital, a $100 million NFT-collecting fund established in August, has single-handedly accounted for nearly half of SuperRare’s total trading volume this month. Over the weekend, the fund purchased an NFT from XCOPY for 469 ETH. Snoop Dogg purchased an XCOPY piece last month for a record 1,300 ETH.

Earlier this month, Snoop Dogg purchased an animated piece by artist Deekay for 225 ETH. SuperRare is a niche marketplace focused on one-of-one collectibles. The platform only has about 4,000 total collectors and 1,600 artists. Sales on the platform account for less than 2% of the overall NFT market.

SuperFarm Launches NFT Platform On ImmutableX

Cross-chain NFT protocol SuperFarm has launched an NFT platform built on ImmutableX. Artists and developers on the platform can now launch NFT drops without incurring gas costs. SuperFarm claims the platform benefits from ImmutableX’s instant and gasless transactions.

ImmutableX is an ethereum layer2 scaling solution focused exclusively on NFTs using ZK-Rollup technology powered by StarkWare. It was recently used to power the launch of TikTok NFTs. The SuperFarm toolkit for launching NFTs is currently only available to administrators and will be open for all artists at a later date.

Arbitrum Permissionless Bridging Now Open

Arbitrum has now opened up permissionless token bridging for all standardized ethereum tokens. Developers can now use Offchain Labs’ Canonical Bridge to set up asset contracts between L1 and Arbitrum. The Canonical Bridge is essentially a Dapp that leverages Arbitrum's cross-chain message passing system to achieve basic token-bridging functionality.

Although the standard bridging functionality is sufficient for most tokens, developers can build custom gateways for more complex assets such as WETH and tokens that accrue interest. Arbitrum works by escrowing tokens in a L1 bridge contract and minting the same amount at the paired token contract on L2. Withdrawals from Arbitrum work by burning L2 tokens and releasing the escrowed tokens on L1 after a dispute period of one week has passed.

$32 Billion Staked On Ethereum 2.0

More than 8 million ETH (currently worth $32 billion) has been staked on Ethereum 2.0. There are more than 50k validators earning about 5.9% in rewards on staked Ether. The amount staked accounts for 6.5% of Ethereum’s supply. To become a validator, pledgers must stake a minimum of 32 ETH, which are locked up and cannot be withdrawn until Ethereum upgrades to proof-of-stake.