Otherside launches for one hour, Gas fees skyrocket: 30,000 ETH contributed to network fees, $350 just to transfer

When the demand for blockchain is high, the auction-based transaction processing method will prioritize serving the network users with the highest bids. The Otherside project launched by the most popular and valuable NFT project Bored Ape Yacht Club will start selling land at 9 a.m. on 5/1, attracting many whales and bidding trading bots to compete for purchases. Each transaction costs at least 2-3 ETH as a network fee, pushing the Ethereum network fees to a level that is not suitable for ordinary users.

In addition, the neighboring Solana network is also experiencing issues, and the official team is still investigating the cause...

Ethereum Transaction Fees Skyrocket

According to the blockchain browser Etherscan, the average Gas Fee on Ethereum has exceeded 5000 gwei at the time of writing, with a simple transfer transaction costing nearly $350, and estimates for more complex interactions even higher.

At one point, the Etherscan blockchain browser crashed and was unable to display webpages:

Prior to the deadline, the fuel usage of Otherside's contract alone accounted for nearly 40% of Ethereum's fuel consumption. Just one hour after going on sale, $88 million worth of ETH was used as network fees, with Uniswap in second place and Apecoin's contract in third, while the usually top-ranked OpenSea fell to fourth place. Update at 14:00 on 5/1: The Otherside contract has accumulated fuel usage with a current value of $177,741,854.64, consuming 63,744 Eth.

Although the network was barely usable, for those who enjoy seeing ETH being destroyed, Otherside may be considered a significant contributor, having burned over 27,000 ETH. Update at 14:00 on 5/1: 55,380 ETH have been spent on destruction:

The current Otherside land contract, Otherdeed OTHR, has completed over 20,000 transactions.

Additionally, there are over 20,000 transactions currently in queue for processing:

The current secondary market price for land on OpenSea is 6.7 ETH. Deducting network fees, those who originally acquired APE tokens at no cost would have a greater profit margin.

Furthermore, there are only three sell orders available for purchase with APE, with the lowest price around $45,000, approximately 16 ETH, commanding a significant premium compared to the current price of ETH.

Brother Huang Licheng Successfully Mints 2.5 ETH

Brother Huang Licheng spared no expense on Gas Fees and ultimately successfully minted two pieces of land using 2.5 ETH. View the transaction details here.

Solana Experiences Another Outage

With Ethereum congestion leading to exorbitant fees, Solana also experienced an outage today. The official statement indicated a surge in transactions, with engineers investigating why the network failed to recover, and nodes waiting for a reboot.

As blockchain technology becomes more widely used, there are still many issues that need to be resolved.