DeFi Daily: 2,258,130 ETH Burned, Augmented-Reality NFTs, and HashStack Public Testing
2,258,130 ETH Burned, Augmented-Reality NFTs, and HashStack Public Testing
Gm Maxis! Interesting data coming out of the major releases from Yuga Labs over the past couple of days, the congestion casing gas prices to sky rocket to crazy levels and Eth being burned at an unbelievable rate - More on that Later.
Lets jump right into it!
Editorial
It’s the 2nd of May 2022, and Yuga Labs has dropped Otherside NFT project and there has been pandemonium! 60,234 ETH was used to mint 55,000 NFTs, gas fees per transactions were being seen at 2.5Eth just to mint!
Here’s our take, it’s a short term negative, a long term positive, and possibly intentional from Yuga.
Let’s start with the most controversial of those. I wouldn’t go as far as to say this was definitely their plan, but it would make sense.
With a projected revenue of US$455 Million this year, Yuga has the ability to hire a very experienced dev team - inefficiency in contracts are unlikely… strange that as Will Papper points out, the contracts had “nearly zero gas optimizations”.
This could be a play to start building their own infrastructure for NFTs, think Yuga powered L2.
Admittedly a long shot, but if I were to engineer a stunt to enhance the release of a NFT optimised L2, this is almost play for play how it would go.
Whether there is a conspiracy here or not, there are a lot of people who have lost a lot of money because of these inefficiencies both with the Otherside contracts as well as Ethereum, what we can say for sure, is it highlights the issues we face as more and more people join us in the crypto/defi ecosystem, and the need for change.
In short, I see this as a positive for the long term, as things don’t tend to change until they have to, and as we’ve seen this week, THEY HAVE TO.
-BowTiedDeFi
Large Caps
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