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September 13, 2021

Ethereum August Recap

"Ethereum opened August at around $2.6K and closed around $3.5K, representing a 34.6% MoM gain. Ethereum’s on-chain volume increased by 35.2% MoM in August. The network saw increased utilization that can be attributed to a resurgence in demand for NFTs like CryptoPunks, Bored Apes Yacht Club, and Loot to name a few. NFTs saw $3.25B in volume on ETH in August, with OpenSea dominating the market with 97.4% market share.

August was also a notable month for Ethereum, with EIP-1559 (London Fork), going live. For the month of August, ~150K ETH was burned. Although not deflationary, the burn mechanism curbs inflation in the near-term."

-Harsharn Singh, Investment Associate @ Ember Fund

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