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Yuga Labs’ Otherside Metaverse NFT Mint Broke Ethereum and Other Records, Here is a Recap of What Happened

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Yuga Labs’ Otherside Metaverse NFT Mint Broke Ethereum and Other Records, Here is a Recap of What Happened

Quick take:

  • The Otherside Metaverse NFT mint spearheaded by Yuga Labs is thus far the largest in blockchain history
  • 55,000 Otherdeeds NFTs were sold for a flat rate of 305 Apeocin, raising $320 million using an APE value of around $19
  • The mint congested the Ethereum network raising network fees to as high as 8,000 Gwei
  • Some users paid as much as $7k in fees
  • Roughly 64k Ethereum in transaction fees was consumed during the mint
  • The floor price for Otherdeed NFTs had gone as high as 5 ETH on OpenSea

Yuga Labs’s Otherside Metaverse NFT mint has dominated crypto and blockchain headlines since the day of the event, April 30th, because it shattered several industry records.

$320 Million in Apecoin Raised as Ethereum Gas Fees Skyrocketed

To begin with, the Otherdeed NFT mint allowed Yuga Labs to raise roughly $320 million in a few hours considering there was 55k NFT up for sale, each was selling for 305 Apecoin and the average value of APE on that day was $19.

However, behind the monetary success of the Otherdeed NFT mint lies another aspect of the event as demand caused Ethereum’s gas fee to skyrocket to as high as 8,000 Gwei, with one participant parting with $7k to mint two NFTs. He said:

Such a let down not getting to mint my 2 land plots… transaction sat for 2.5 hours straight and canceled… wasnt expecting 7000$ in gas.. and @coinbase really let me down as well, couldnt transfer more eth due to network outages for most centralized exchanges…

According to the team at Wu Blockchain, ‘some buyers lost their deals in this gas war, and Yuga Labs said at the end of the current round of sales that it would refund the gas fees to users who lost their deals.’ By the end of the mint, roughly 64k Ethereum worth $176 million had been spent on transaction fees.

Yuga Labs had attempted to mitigate a gas war by stating on April 29th that they would not use the traditional Dutch auction for the event but rather sell each plot of land at 305 Apecoin. It also announced plans to pre-approve sales 12 hours in advance and issue an NFT limit of two per wallet. But none of these measures worked, thus leading Yuga Labs to suggest that Apecoin should launch its own chain.

Otherdeed NFT Floor Price Goes as High as 5 ETH

Furthermore, after the Otherdeed mint, the floor price of the NFTs went as high as 5 ETH. At the time of writing, the floor price has cooled down to 4 Ethereum.

Yuga Labs' Otherside Metaverse NFT Mint Broke Ethereum and Other Records, Here is a Recap of What Happened 15
Otherdeed NFT stats, including floor price. Source, OpenSea

Otherside Metaverse NFT Mint Was Also a Success

Despite the challenges of congestion on the Ethereum network and paying high ETH gas fees, many participants of the Otherside Metaverse NFT mint are happy with their Otherdeed mints. The majority are sharing their plots of land on Twitter, as seen in the following two sample tweets.

OMG I JUST PULLED THIS #Koda!!!Thank you @OthersideMeta!!! #NFT pic.twitter.com/LZOYLlAPXn

— buk.eth (@buk_eth) May 1, 2022

Thanks for the little Koda buddy #7212.What a surprise!

See you on the Otherside!🥳@yugalabs @BoredApeYC @OthersideMeta pic.twitter.com/Um0vO9wzH5

— 9527yyds.eth (@sophia56169583) May 1, 2022

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Ethereum

Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

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Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

Summary:

  • Avalanche has submitted an Apecoin Improvement Proposal to the Apecoin DAO to migrate the Otherside metaverse as a subnet on its blockchain.
  • The team at Avalanche points out that the AVAX chain has ‘rapid transaction processing, higher throughput, greater ability to scale and lower gas fees.’
  • Apecoin subnet will have its own customizable Ethereum Virtual Machine (EVM) execution environment.
  • The proposal has elicited mixed reactions from those for it and those who believe moving away from Ethereum is a bad idea.

The team behind Avalanche has followed through with talks of migrating APE to its chain by submitting an Apecoin Improvement Proposal to the Apecoin DAO. The proposal suggests that the Avalanche blockchain is best suited to handle the demands of the Apecoin Otherside Metaverse.

Furthermore, Otherside will be launched as a subnet on Avalanche, as explained below.

The ApeCoin Community needs a blockchain that can ensure Otherside is a smooth, low-fee experience driven by the APE token.

Avalanche Subnets deliver the necessary speed, security, low fees, and customizability for the ApeCoin community to future-proof its infrastructure for its millions of community members. Ava Labs team will provide technical support and expertise to ensure a seamless transition.

An Apecoin Subnet on Avalanche Would Dramatically Increase Speed and Reduce Gas Fees

In addition, the AIP to migrate Apecoin to Avalanche reiterates that an Avalanche subnet would dramatically increase the speed of the metaverse while at the same time reducing gas fees and avoiding scenarios of very high transaction costs, such as those witnessed during the OtherDeed mint.

Apecoin Subnet to Have its Own Customizable Ethereum Virtual Machine (EVM) Executing Environment

The team at Avalanche goes on to explain that the ApeCoin subnet could have its own customizable Ethereum Virtual Machine (EVM) execution environment ‘which will allow developers to easily deploy metaverse assets, games, marketplaces and more.’

Avalanche AIP To Migrate Apecoin Elicits Mixed Reactions from the BAYC and Apecoin Communities

Avalanche’s proposal to migrate Apecoin to a subnet on its blockchain has gathered mixed reactions from the Bored Ape Yacht Club and APE communities.

Some community members believe such a migration would be ideal for the Otherside metaverse, while others suggest that a move to an Ethereum layer 2 chain makes more sense. Below is a sample of some of the responses.

In the proposal, everyone except for one guy is stating the obvious: it’s a bad idea, nobody wants to move their liquidity off Ethereum, and rollups are superior – by @Swagtimus on Twitter.

I disagree. We should not move out of Ethereum ever. We should search for an L2 solution on Ethereum. – by monomesa on the Apecoin Forum.

An $APE powered subnet makes a lot of sense…A subnet comes with affordable fees, high throughput, and rapid development, plus funding and tech support from Ava Labs. It’s too smart. – by punk2513 on the Apecoin Forum.

The proposal will kill the project. – by ASEC on the Apecoin Forum

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Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

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Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

Summary:

  • Polygon (MATIC) has launched an uncapped fund to assist Terra projects willing to migrate to its chain.
  • Financing of the fund will come from $450 million already raised by Polygon, its treasury, and a $100 million ecosystem fund.
  • Polygon is willing to deploy more capital for Terra projects migrating if needed.
  • The fund’s launch comes in the wake of the Terra community agreeing to plans for the new blockchain of Terra 2.0.

As the UST depegging and LUNA inflation saga continues to rock the crypto-verse and traditional finance circles, Polygon has kickstarted the process of assisting Terra developers and projects willing to migrate to its chain.

According to a report by TechCrunch, Polygon (MATIC) has launched a ‘relatively uncapped multi-million dollar fund’ aimed at assisting Terra projects with the process of migrating to its blockchain. Financing for the fund will come from the $450 million previously raised by Polygon, its treasury, and a $100 million ecosystem fund.

Polygon Studios CEO, Ryan Wyatt, told Techcrunch that the company is willing to deploy more capital if needed. He said:

I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so.

It’s really important we have it, because all of their circumstances are uniquely different from each other.

UST’s Collapse was Unfortunate. You Want to Figure Out How to Help These Folks – Polygon Studios CEO

With respect to the recent depegging and collapse of TerraUSD (UST), Mr. Wyatt defined the event as ‘unfortunate on so many different levels.’ Additionally, the collapse of UST had a significant impact on the entire Web3 industry, and one way of solving it was ‘to figure out how to help these folks.’

Terra Proposal 1623 Passes, new Terra Chain to Launch on May 27th

Polygon announcing an uncapped fund to assist Terra projects willing to migrate to its chain comes on the backdrop of the Terra Community passing proposal 1623 to launch a new Terra Chain (LUNA) that will co-exist with the old Terra Classic (LUNC) that was impacted by the UST depegging.

1/ Terra 2.0 is coming.

With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 25, 2022

At the time of writing, the crypto exchanges of Bitrue and Huobi have announced support for the new chain and will go on to list the new digital asset of LUNA, expected to launch on May 27th. Furthermore, both exchanges are working out the details of the potential subsequent airdrop of LUNA tokens to Terra Classic (LUNC) holders.

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A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

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A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

Quick take:

  • Brad Garlinghouse has stated that Ripple could consider the possibility of an IPO after the SEC lawsuit.
  • Rumors of a Ripple IPO have been circulating in the crypto-verse from as far back as 2020.
  • XRP continues to be a top ten digital asset according to market capitalization, and a conclusion of the SEC lawsuit could rekindle interest in the digital asset.

Ripple CEO, Brad Garlinghouse, has stated that the company could consider an IPO after the ongoing SEC lawsuit ends. Mr. Garlinghouse shared the possibility of a Ripple IPO during an interview with CNBC at the ongoing World Economic Forum in Davos, Switzerland.

During the interview, Brad Garlinghouse was asked whether a Ripple IPO was on the cards for the company at some point. Mr. Garlinghouse’s response was as follows:

I think we want to get certainty and clarity in the United States with the U.S. SEC. You know, I’m hopeful that the SEC will not slow that process down any more than they already have.

But you know, we certainly are at a point in scale, where that is a possibility. And we’ll look at that once we’re past this lawsuit with the SEC.

Talk of a Ripple IPO Date Back to Early 2020

To note is that talk of a Ripple IPO date as far back as January 2020. Back then, there was still no regulatory clarity as to whether XRP was a security or not. The same question remains today and is at the center of the ongoing lawsuit by the SEC against Ripple.

The SEC lawsuit claims that Ripple, Brad Garlinghouse, and Chris Larsen carried out an unregulated securities offering by selling $1.3 billion worth of XRP to retail investors without providing adequate disclosures about their core business.

Ripple’s Business Continues to Grow Outside the USA

However, Ripple’s hurdles in the United States have not impeded its growth outside the country. In the same CNBC interview highlighted above, Brad Garlinhouse explained that the company’s growth is mainly outside the US. But the outcome of the SEC lawsuit could provide the regulatory clarity needed for its business to catch on in the United States.

XRP Continues to be a Top Ten Digital Asset

Despite the ongoing SEC lawsuit, XRP remains a top ten digital asset in terms of market capitalization.

According to Coinmarketcap, XRP is ranked sixth with a market cap of $19.453 billion and a value of $0.40 amidst the ongoing crypto-market meltdown that has seen Bitcoin struggling to maintain a level above $30k.

The conclusion of the Ripple vs. SEC lawsuit could also boost the value of XRP as the digital asset stands to benefit from potential relisting on various crypto exchanges.

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