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eth fees

By The Numbers: Yuga Labs Breaks Ethereum, Gas Fees Set New ATH

Best Owie
by Best Owie
3 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Yuga Labs “Otherdeeds” mint on the Ethereum blockchain has set a new record for any NFT launch. Not only did it set the record in terms of revenue but it had also broken records previously set in terms of fees. It was the sole driver of the transaction fee surge on the network which reached a new ATH. In this report, we take a look at the Yuga Labs mint, how it broke the largest DeFi platform, and led fees to new highs.

Yuga Labs Clogs Ethereum

The days leading up to the Yuga Labs mint were filled with expectations and excitement from the NFT community. Anticipating a large turnout for this mint, Yuga Labs had opted for a KYC-only mint and limited each wallet to only two mints. However, this would prove to still be ineffective once the launch was underway.

Related Reading | Algorand Bags Fifa.com Deal To Become Official Blockchain Partner

In an event that saw a total of 55,000 “Otherdeeds” NFTs minted, the Ethereum network had been effectively shut down, causing Etherscan to crash. On average, an Ethereum block usually has a maximum of 30 million gas and the mint saw a single NFT requiring between 100,000 and 200,000 gas to mint. 

Yuga Labs causes ETH fees to surge

ETH fees touch new highs following Yuga Labs NFT mint | Source: Arcane Research

This was solely the reason behind the sudden increase in gas prices on the network, leading to the infamous “gas wars” as buyers tried to outbid each other for a chance to mint. What resulted from this had been transaction fees on the network rising drastically.

Fees had surged as high as $200 at the height of the gas wars. A new record for the smart contract platform, however, there were points during the mint where this number had been higher. Yuga Labs had had to issue an apology following this in a bid to appease network users who had been greatly impacted by the rise in fees.

Miners Smile To The Bank

Although users of the network had been up in arms about the surge in fas fees, not everyone was negatively affected by this. In fact, this was a welcome development for miners on the Ethereum network who had been the winners in this situation.

On Saturday, it was reported that users had paid $231 million in total to transactions on the Ethereum blockchain. It came out to 100% higher than the previous all-time high of $117 million that was recorded back in May of 2021 at the height of the bull market. 

Ethereum price chart from TradingView.com

ETH price trading at $2,855 | Source: ETHUSD on TradingView.com

This means that miners had had an incredibly successful mining day on Sunday as they got to pocket higher fees. Mining ETH had already been more profitable than mining bitcoin but the Yuga Labs mint had seen Ethereum miners pocket more in a day than bitcoin miners do in a week. 

Related Reading | Aloha Crypto! Hawaii Approves Task Force To Regulate Bitcoin And Web3 Technology

Gas fees on the network have since returned to a reasonable point since the mint. However, the aftereffects of such an incredible surge continue to linger as average transaction fees struggle to return to pre-Otherdeeds mint levels.

Featured image from Swyftx Learn, charts from Arcane Research and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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