$154M Burned in Gas Fees During Otherside Lands Minting

News Report

by Valeria Goncharenko

Published: May 01, 2022 at 12:57 pm Updated: Jun 08, 2022 at 6:06 am 3

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Valeria Goncharenko

Published: 1 May 2022, 12:57 pm Updated: 08 Jun 2022, 6:06 am

On April 30th, the minting of lands in Yuga Labs Otherside project was launched.

Yuga Labs are the creators of Bored Ape Yacht Club NFT collection, famous for their marketing strategies and collaborations with a variety of companies.

Otherside is another big project launched by BAYC creators. One land cost the fix price of 305 $APE, which is approximately 5,500 dollars on May 1st.

Nevertheless, the community noticed that Yuga Labs do not ‘really care’ about the users, nor the Web3 itself. During the minting of Otherside Lands, 55 225 $ETH, equivalent to $154M USD, was burned.

As explained by Will Paper, the co-founder of Syndicate DAO, the fiasco has happened due to the badly employed contract. It had almost no gas optimisations, – which could have saved millions of users’ dollars.

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. I'll explain a few gas optimization tricks that could have saved many millions below 👇 pic.twitter.com/CsYvWdEQKc
— Will Papper ✺ (@WillPapper) May 1, 2022

More than that, many users claim that they did not receive the lands after minting and spending more than 0.8 ETH on gas. Can this and many other BAYC issues be resolved in order to get back the respect of the community?

Trying to do so, Yuga Labs is now planning to fork their Ape Chain, claiming that the problem was Ethereum.

We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck. For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas.
— Yuga Labs (@yugalabs) May 1, 2022

Vitalik Buterin, the founder of Ethereum, has replied that the optimisation of the contract would not help, explaining his point of view in a reply to Yuga Labs.

Don't think optimizing the contract would help. Regardless of contract details, tx fee goes up until list price + tx fee = market price. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.
— vitalik.eth (@VitalikButerin) May 1, 2022

This week, $APE token has hit the all time high of $27, and is now back to $17.22.

OpenSea has listed the Otherside lands which can be purchased as NFTs.

The current floor price is 7.87 ETH.

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Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related.Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities.You can contact her at [email protected]

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