Ethereum users are outraged! How long will this situation last!

On April 30, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC), released their much anticipated “Other” metaverse land non-tradable tokens (NFT) on Ethereum.

While the Yuga Labs team said they took measures to “significantly soften the potential for a major gas war” prior to launch, the mint produced the highest gas surge in Ethereum history, with daily average gas prices reaching $1.75.

Ethereum users are outraged! How long will this situation last!

Over $150 million of 800 GWEI was spent on gas fees during the mint, according to Coin Metrics data. It resulted in a significant number of transactions that did not materialize.

ETH gas price: Source: Coin Metrics

More than 10,000 failed transactions and more than $4 million in failed transaction fees were incurred by users who tried to print but set the gas price too low, resulting in their transactions not being verified before they ran out of supplies.

Mint trials: Source: takestheorem

As payments resulting from failed transactions cannot be recovered directly, Yuga Labs has committed to refunding the affected persons the fees out of their own pockets.

Why are ETH gas fees so expensive?

Each time an Ethereum transaction is sent, users essentially set the maximum gas price they are willing to pay. The gas price affects only the price the consumer pays per unit of gas used; has no effect on the amount of gas required to complete the process.

Multiple variables contributed to the massive gas buildup and ETH combustion during the Otherside landfall. As a starting point, the smart contract used throughout the coin minting process is not optimized for gas economy. Optimizations alone could save tens of millions of dollars in transaction fees.

Additionally, and perhaps more importantly, as Vitalik Buterin points out, the mint design had a fatal flaw: Yuga Labs set a fixed price for each 305 ApeCoin (APE) mint, rather than building a system that would allow the market to make a decision.

Source: Teknolojioku Rss by

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