Bored Ape Yacht Club [BAYC] creator Yuga Labs created quite a buzz in the market following the announcement of the Otherside metaverse. The entire community was eagerly awaiting the launch and with $310 million worth of Otherdeeds land sale, celebrations had commenced. However, this was interrupted by the exorbitant gas fees users had to pay to carry out the minting process. This left an array of individuals unhappy and they further speculated that Yuga Labs intended for this to take place.
Ethereum’s gas fee has been a major concern to many. The scalability issues along with the high gas fees have pushed the network to come up with a layer-2 solution. While this is still in the works, users were forced to pay 5 ETH instead of the standard 2.6 ETH during the minting process. The high demand for the NFTs was the reason behind this massive pump.
Therefore, Yuga Labs decided to steer in a different direction.
This abrupt decision caused monetary loss due to failed transactions. Even though Yuga Labs affirmed that they would carry out refunds, the community was not pleased.
Twitter was flooded with allegations against Yuga Labs. Twitter user Mark Beylin, called out the firm and even suggested that they were “con artists of the highest order.” Beylin suggested that the Yuga Labs knew what it was doing. The enraged Twitter user implied that the firm broke Ethereum to clear the path for the launch of their own L1.
Tweets about how the firm employed Ethereum for its advantage kept flowing in.
Furthermore, some even reminded the network that there wouldn’t have been BAYC without Ethereum.
Here’s how much Ethereum miners made on 1 May
The Ethereum miners’ manual income was at a high of 95,182 ETH which is an all-time high. Handling fees alone accounted for 85.9 percent. This was further followed by a surge in the daily gas fee to 474 Gwei.
Additionally, the Ethereum profitability index soared to 0.0602 on Sunday, Following this, the profitability witnessed a steep fall down to 0.0372.
