How Yuga Labs Could Have Avoided Otherdeed Ethereum NFT Mint Chaos: Infura Co-Founder

Last week Yuga Labs’ massive Otherdeed NFT mint, for virtual deeds in the Bored Ape Yacht Club metaverse domain, clogged the Ethereum mainnet with a transaction request. This sparked a gas war and network chaos that could have been completely avoided, according to EG Galano, co-founder and CEO of Ethereum infrastructure provider inflate.

While Yuga Labs saw $561 million in trading volume in just 24 hours, the Mint has become the sixth largest source of Ethereum ever burned, as collectors burned over $157 million in ETH April 30. The mint has been nicknamed a “nightmare scenariofor buyers, such as thousands of failed transactions. Yuga then refunded those whose trades failed.

If you ask Galano, much of this chaos was just blockchain history repeating itself.

“It’s very reminiscent of some of the early NFT projects, whether CryptoKitties or some of the first ICOs, who hasn’t baked into a mechanism to try to spread that load over a greater period of time,” Galano said. in an interview with Decrypt. “There are a few different mechanisms that people have used so that it’s not like everyone has to rush to get their trade on the first block when the sale is live.”

While Yuga Labs implicit that the Ethereum mainnet was to blame, Galano considers the blockchain to have worked as intended.

“As for what happened to the network itself, it’s just transaction throughput on the network and the gas price auction is working as expected,” he said. “Transaction throughput capacity is limited when dealing with a decentralized blockchain.”

In his opinion, the chaos of Otherdeed could have been avoided if the Yuga Labs team had done more legwork to prepare for the huge demand from the Mint.

Infura recently assisted the PROOF team with the very successful mint of Lunar birds NFT. Galano cited the Moonbirds team’s focus on pre-registrations as one of the key factors as to why this mint went so well. The PROOF team also “proactively contacted” Infura beforehand to help assess and resolve any potential backend issues.

Despite Otherdeed transactions clogging the Ethereum mainnet almost immediately, users kept trying to strike. In the aftermath of the fiasco, many NFT collectors are wondering if very high-demand NFT mints like Otherdeed will continue to cause problems on Ethereum, and what can be done to fix it.

Galano points to the current speculative nature of NFT PFP collection as part of the issue.

“My view of how gas auctions like this will play out is that they are heavily affected by the speculative nature of the market at the moment, where there really is no fixed price floor for a lot of these things – or if there are, it’s extremely volatile,” Galano mentioned. “And people view these NFTs as collectibles, so some of them have a very different investment thesis that sets their price tolerance for these gas fees much higher than others.”

Otherdeed’s hiccups could also have been avoided by launching the NFTs on an Ethereum Layer-2 blockchain with a higher block gas limit, like Polygon, Galano suggested.

But at the same time, the Infura exec is so bullish on Ethereum that they don’t think any of the rival chains are really needed. He quoted Ethereum forecast merge and switch to proof of stake, optimistic summariesand sharding as measures that will increase network capacity.

“My controversial view is that anything could exist on Ethereum, from a technical standpoint,” Galano said. “There is nothing done outside of Ethereum that cannot be adopted within Ethereum. But you could say there are things that have been done on Ethereum that could have been done on Bitcoin if people were willing to make the changes to the Bitcoin protocol to make that happen.

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