• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Yuga Labs
Advertisement

Why Does Yuga Labs Want To Launch Its Own ‘Ethereum Killer’?

Best Owie by Best Owie
11 months ago
in Altcoins, Ethereum
0
Advertisement

The recent Yuga Labs NFT launch on the Ethereum blockchain has crippled the network after demand surpassed all expectations. In total, more than $500 million had been raised in a matter of 24 hours. However, the success of the launch cannot obfuscate the roadblocks that the launch encountered. This had prompted Yuga Labs to not only issue an apology following this but also reveal what it has planned to avoid running into a similar problem in the future.

Ape Chain May Be Coming

The Otherdeed mint was opened on the 30th of April to much fanfare. The mint which was to be carried out using Ape tokens was done so the network would be able to adequately accommodate the amount of traffic that Yuga Labs was expecting. There had been a KYC mechanism in place and a limited number of mints per wallet to also help manage the traffic. This would prove to not be the best route as even this would not prevent the issues that would arise.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

What had been the case had been what can be called a complete shutdown of the Ethereum network. This blackout was caused by the high demand for the NFT collection. Despite the measures put in place like a high mint price and needing to have a KYC before being able to participate in the mint, Etherscan had crashed nonetheless.

Related Reading | Panama Gets A Crypto Bill, Moves One Step Closer To Becoming An Official Crypto Nation

A follow-up to Yuga Labs’ apology after the mint had been the suggestion that it would need to create its own blockchain for the project to properly scale in the future. ‘Ape Chain’ as it is now called on various social media networks is being suggested to the ApeCoin DAO for consideration. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022

As for those with failed transactions during the mint due to the ‘gas wars’ that ensued, Yuga Labs has announced that it will refund the gas fees to users. According to its most recent tweet, it will transfer all gas fees back directly to the wallets and announce it once completed.

Ethereum Gas Return To Normal

The Otherdeed mint had been the largest NFT mint on record to date. A result of this was a significant hike in gas prices. It had pushed gas prices to a new record of more than $200 per transaction at the time of mint, causing more than $160 million to be burned in gas fees.

ApeCoin price chart from TradingView.com

ApeCoin loses over 40% of ATH | Source: APEUSD on TradingView.com

Gas prices had begun to return to normal on May 1st and had declined to around $3 per transaction at its lowest. Since then, Ethereum gas prices have recovered upwards to the points where they were before the Yuga Labs mint began, now at an average of $15 per transaction.

Related Reading | No Bitcoin Please: Warren Buffett Says He Won’t Pay Even $25 For All The Bitcoins In The World

Ethereum’s price has also declined with the gas fees. It has now fallen to the $2,700 territory at the time of this writing. ApeCoin had now lost over 40% of its $27 all-time high to be trading at its current price of $15.34.

Featured image from Today's Crypto News, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

Ethereum

Why Ethereum Could See Further Rise After Bitcoin Rally Ends

4 days ago
Ethereum

Ethereum Fee Remains Low Despite Price Rise, Here’s What It Means

5 days ago
Ethereum

Ethereum Price Plummets As Whale Transfers $33 Million ETH To Binance

6 days ago
Grayscale Postpones Date For ETHPoW Review And Sales Decision

Grayscale Postpones Date For ETHPoW Review And Sales Decision

1 week ago
Polygon Ethereum

Ex-Ethereum Foundation Developer Joins Polygon

1 week ago
Ethereum Whale Shark

Ethereum Sharks Accumulated In Past Year, But Whales Sold: Santiment

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tokens To Watch In Q2 2023: Aptos (APT), Optimism (OP) And...

    2 hours ago
  • Market Experts Predict Big: TMS Network (TMSN) Will Beat...

    4 hours ago
  • XRP Price Breaks Out Of Multi-Year Wedge: XRP Price...

    5 hours ago
  • Is it the right time to ditch Solana (SOL), Shiba Inu...

    6 hours ago
  • Top 6 DeFi Tokens to Buy for Big Profits in 2023

    21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.