App Could Soon Start Working on Its Own Blockchain After Complicated Ethereum Mint
Following one of the biggest knock events in the NFT and Metaverse industry, Yuga Labs released a statement about the strike that caused a massive increase in transaction fees on the Ethereum network.
According to the statement, at some point, Era will have to move its projects to a different chain as Ethereum clearly cannot handle the large-scale buying volume properly. Users who did not participate in Mint had to suspend all their transactions, as they did not transfer them with regular gas charges.
Yuga Labs said they were sorry for “turning off the Ethereum lights” for a while. They also added that proper scaling is the issue for the second largest blockchain in the world, and they will ask the DAO to actively think about the migration.
Yuga also said that it will attempt to return the gas spent during the bottleneck period due to the huge demand and the inability of the Ethereum network to satisfy it.
The other side of the coin
While Yuga was actively complaining about Ethereum’s scaling capabilities, some users noted that the issue of massive gas fees might be on the side of the contract builders, as they didn’t optimize the contract enough before. the massive sale.
Others suggested that users switch to the L2 network to avoid paying hundreds and thousands of dollars for a simple transaction on the network. According to Yug, they have tried to reduce the mining speed by imposing KYC and mining limits, but reportedly this was not enough.
Through the mint, Ethereum miners earned around $80 million, which is an all-time high for an industry that has been stagnant for a relatively long period. Along with massive profits for miners, the network experienced the biggest “deflationary hour” in network history, as around 10,000 ETH was withdrawn from the network.
