Apologies my brewers for the long uninformed hiatus.
I’m back and bring to you the news from the far, far away kingdom of crypto.
Here are today’s market moves:
Here's what you need to know:
BAYC had a land sale and $180M of ETH was burned 😱
Yuga Lab’s Otherside land sale tonight was the largest mint in NFT history.
However - their mint strategy in combination with incredibly high demand resulted in over $180M worth of Ethereum burned in gas fees - truly an unprecedented number.
The community was not happy with this output and blamed Yuga Labs for the mishandling of the project. They even complained about how Yuga labs wrote a terrible smart contract.
The sale also caused disruptions to the Ethereum network, slowing down transactions on Ethereum-based services and causing users to lose gas fees due to failed transactions. Yuga has apologized for the disruptions and has promised to reimburse users gas fees associated with failed transactions.
OpenSea now accepting ApeCoin
NFT marketplace OpenSea is now accepting ApeCoin. ApeCoin is now the largest metaverse token by market cap. It has grown more than 33% over the last week.
Solana goes down again 🤦🏻♂️
On April 30, NFT minting bots began flooding the Solana network with 4 million transactions per second, causing the network to lose consensus.
The project tweeted that "Engineers are still investigating why the network was unable to recover, and validator operators prepare for a restart."
The network was offline for seven hours.
Check this out
This thread tells you how to prepare for the upcoming ETH merge by stalking your ETH and getting the most out of it.
DYOR and NIA.
Crypto lingo of the day
SELF CUSTODY:
Only you have the possession of your digital assets because you control the private key, versus holding assets at an exchange like Coinbase.
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