Last week, that fee skyrocketed to unprecedented levels.
Strap in for another weird web3 story.
With many anticipatory participants, the mint raked in more than $317 million for the company.
Some folks had to pay thousands of dollars for transactions valued at just a few dollars each.
This kicked offa heateddebateabout Ethereums scalability problems and Yuga Labs smart contracts efficiency.
Thats a good opportunity to better understand the concepts of gas and smart contracts, and what happened here.
How much Gas fee is too much?
Ethereum charges something called agas feefor any activity that needs to be recorded on the blockchain.
The gas means energy required for miner to verify transactions on the blockchain.
you might pay more gas fees to give your transaction a priority to be processed.
This gas war between Otherside bidders also affected other transactions on the Ethereum web link.
I just spent $1,000 for a transaction.
lmaopic.twitter.com/HZQHnPGIzZ
Matt Binder (@MattBinder)May 1, 2022
Unbelievable…pic.twitter.com/Go2DFTAxw1
JAY CROFT ?
In the web3 world, thats done by a piece of code.
Nearly $100M has been spent on gas for the BAYC land sale in one hour.
This is money that could have gone to Yuga or stayed in user’s pockets.
The contract had nearly zero gas optimizations.
Whitelisted more addresses than available NFTs2.
Zero optimizations in the smart contract (not even using ERC721A)3.
No max gas limit for minting (easy to do in Solidity)4.
Gave themselves best positioned land based on TokenId5.
Don’t think optimizing the contract would help.
Regardless of contract details, tx fee goes up until list price + tx fee = market price.
Too bad Yuga Labs announced last week thatit wont go for a Dutch-style auctionfor the Otherside mint.
And the company didnt acknowledge that.
A BAYC co-founder said that this was a sour moment for the community.
Needless to say tonight didn’t go how anyone wanted it to.
Its especially a sour moment since Otherside has been a passion project for so long.?
Garga.eth (@CryptoGarga)May 1, 2022
Whats the solution?
But we have no idea when that will happen.
#Decentralizationshould never be used as an excuse for decisions of centralized venture-backed companies.
Wed like to encourage the DAO to start thinking??
as if your DAO board is not made up of your VCs.
We have a super solution for you@yugalabsto solve this problem.
Polygon Supernets allows you to launch your own public dedicated yugalabs blockchainhttps://t.co/tOa9nrnxh8https://t.co/BRyKvQg98k
Polygon MATIC ?
Ethereum can process 15-45 transactions with its current infrastructure.
Yuga Labs can wait for this event, and hope that future mints might be smoother.
That’s one heck of a mixed bag.
He likes to say “Bleh.
That’s one heck of a mixed bag.
He likes to say “Bleh.”
