In a recent incident, Ethereum transaction demand saw congestion due to mining of Otherdeed NFTs of Yuga Labs
Otherdeed NFT from Yuga Labs’ saw enough massive mint last week for the virtual land in the metaverse realm of Bored Ape Yacht Club, Otherside that, the whole mainnet of the Ethereum network has clogged with the transaction demand. This instance triggered a war in terms of gas fees and network space chaos that had a chance to get prevented, as per the co-founder and general manager of Infura, E.G. Galano. Infure is an infrastructure provider on the Ethereum network.
In the past 24 hours, Yuga Labs has seen a trading volume of about $561 million, and in terms of mint, it became the sixth-largest burned Ethereum source ever as collectors of these NFTs have burnt over $157 million in Ethereum (ETH) on 30th April. The recent mining of Otherdeed was tagged for buyers as a ‘nightmare scenario’ that suits considering the failure of thousands of transactions. However, Yuga Labs have refunded the failed transactions.
While Galanon thinks that much of the chaos that happened was just the history of blockchain repeating itself, he said in an interview that it was a very similar situation to some of the early projects NFTs have seen, for instance, CryptoKitties or other such early Initial Coin Offerings (ICO). These instances did not bake inside the mechanism while trying to spread out the load around a large amount of time.
Galano further said that there are a few different mechanisms that people have seen to use to check that it’s not like everyone has to rush towards getting their transaction done in the first block as early as possible whenever the sale is live.
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At the time of clogging into the transaction, Yuga Labs made the implication to blame it on the Ethereum mainnet where Galano sees the blockchain network had performed and worked as it was intended to do so. He said that what happened on the network was just the throughput of the transaction on the network and the working of gas price action as intended. The amount of capacity is limited for transactions all over while dealing with these sorts of decentralized blockchains. In the views of Infura co-founder, the chaos created at Otherdeed was preventable where the Yuga Labs team had to make extra efforts and put some more legwork into the preparation regarding the huge demand for the mint.
Source: https://www.thecoinrepublic.com/2022/05/10/why-does-infura-ceo-think-history-repeats-amidst-the-yoga-labs-otherdeed-nft-mint-chaos/