Cryptocurrency
Tweet thread by Molly White
Primary Source ↗Blockchain(s)
Ethereum
Incident Details
The much-awaited Bored Ape Yacht Club “Otherside” metaverse land sale began, and its popularity just about wrecked Ethereum for everyone else. Gas fees, which increase based on network congestion, spiked to shocking levels, with an average OpenSea sale costing more than 1.25 ETH ($3,500) in gas.Most trading on OpenSea during this period was for the much-anticipated Otherside land deeds, which sell for around 5 ETH ($13,500) plus gas. However, some people oddly continued to buy and sell cheaper NFTs, including one person who bought a 0.1 ETH ($275) NFT and paid $3,850 in transaction fees.
Technical Details
- Vendor / Product
- Otherside launch spikes gas fees
Timeline
- 2022-04-30 Breach occurred
- 2022-04-30 Publicly disclosed