Otherside metaverse game causes Ethereum blockchain to collapse in one day
A case of very low probability occurred on May 3 when the Ethereum blockchain collapsed as a result of frenzied purchases by land users in the Bored Apes metaverse called Otherside.
Since the company uses ApeCoin launched recently on the etoro blockchain and this at the same time is based on the aforementioned cryptocurrency.
In the first few hours of the launch, 55 thousand plots were sold and fees hovered around $3,300 at one point, with nearly 100 million in Ethereum fees generated.
The relentless push to mint resulted in a significant number of transactions not going through, Over 15 thousand transactions not going through which generated almost 5 million in fees which resulted in the price of gas trading very low. This triggered a rebound that ended up producing the largest gas spike in Ethereum's history, with average daily gas prices reaching over 800 GWEI.
This episode warns of future episodes produced by NFTs that could collapse the coins where they base their cryptos.
Simon Peter of etoro points out that this shows that metaverse technology and NFTs are still relevant, despite a downturn over the course of the last year.
For its part Yuga Labs said it is becoming increasingly necessary for ApeCoin, the native token of the Bored Apes project, to migrate to its own blockchain in order to scale. "We want to encourage the DAO to start thinking in this direction," they say in the face of the ease with which the Ethereum network becomes congested.
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I did not know this, can you please give some article references since we can read about this episode!!
Thanks
https://www.criptonoticias.com/tecnologia/bored-ape-colapsa-ethereum-ventas-tierras-metaverso-otherside/
what do you mean Eth blockchain collapsed, its gas prices shot up and transactions could not go through or it got outrage?
Did it actually collapse? I think it's a bit wrong term. Gas fees went up badly but the network itself was basically not hurt. Ethereum is one of the most stable blockchains around.
It is not said that it collapsed, but rather that in one day many operations failed due to the number of orders and the increase in gas prices.
Have we not heard this before. It was with cryptokitties that something like this happened.
It all points to how things can get clogged and slow on the ETH network
Despite so many upgrades to the network. I guess there is only so much you can do to speed up things and reduce the gas fee on ETH until the POS is launched on ETH
At least the gas fee would come down
With the decline of cryptocurrencies, things may become more complicated at this time.