š„ Eth hitting the big screen + šµ Higher-than-the-pump gas prices
Gm 1WalletoorsĀ
A shortage of stories in Web3? Donāt know her. But we do know how to make the most current stories related to crypto, NFTs, and other degen activities digestible. Hereās what we are spotlighting this week:
š„ Hollywood star for Ethereum -Ā The Blockchain will soon have its own blockbuster
ā½ļø Yuga labs pulls a girlboss gaswar - Gas wars on the Otherside
šØ Sweet Scoop: Gas fees - Dude whereās my car?
š² 1W Updates: Androids have feelings too
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š Bringing decentralized decision making to a theater near youĀ
Legendary director Ridley Scott will be producing a movie based on the book āThe Infinite Machineā, a dramatized story about the birth and development of Ethereum. The film will mark the first of many productions the DAO (Decentralized Autonomous Organization) will support, whose member delegates will serve as Associate and Executive Producers of the movie alongside Scott.Ā
DAOs serve as an impactful new way to structure organizations, a digital hub where individuals can combine to make purchases and share ownership using cryptocurrency.Ā Donāt believe us? Just a few months back, Constitution DAO formed to purchase a rare surviving copy of the original US Constitution, raising over $47 million and coming oh-so-close to pulling off the unthinkable at the Sothebyās auction. Although they were outbid, they managed to show the world how powerful a DAO can be. So about this movieā¦..maybe Tom Brady could play Vitalik?
Imagine saying this 10 years agoā¦
ššš Honey, I spent $14K in fees on virtual land
NFT downturn be damned. Yuga Labs, the creator of the Bored Apes Yacht Club, had no trouble with their highly-anticipated virtual land sales, causing an apocalyptic gas war in the process, costing their virtual land buyers some $181 million in gas fees. A total of 55,000 Otherdeeds (land deeds in the Otherside metaverse game) were minted causing gas to soar, with some buyers shelling out anywhere between $6.5k and $14k in gas alone for an Otherdeed that āonlyā cost $5.8k. The remaining 45,000 Otherdeeds are to be airdropped (given for free) to Bored ape and Mutant ape holders.Ā
High gas fees were reflected across the entire Ethereum network, the blockchain on which the collection was built. This means that if you were trying to execute any transaction on the Ethereum network, you were likely to experience massive disruptions, including slow and failed transactions. To add insult to losing out on the NFT, failed transactions cost some of the users thousands of dollars in gas fees. But donāt pull your hair out yet! Yuga Labs promised to reimburse users for the gas fees associated with failed transactions. And, in true web3 fashion, we will all learn from this for next time.Ā
šØSweet Scoop: Gas Fees - Can be worse on Ethereum than what we are seeing at the pump
Pretend youāre paying for a valet and imagine the more you tip the faster youāll get your car compared to others who are waiting for theirs. Applied to blockchain, gas fees are charged and paid out to the miners/validators (valet employees) for the computation cost of verifying transactions (returning cars), with fees varying based on supply and demand between the miners (valet employees) and users of the network (car owners requesting car back) during a specific time. Transactions are correlated with the gas fee: the higher amount you are willing to pay, the more likely your transaction will be prioritized.Ā
Letās use Otherdeeds as an example. The massive demand for the virtual land sale caused gas fees to skyrocket with prospective users setting gas limits high to improve their chance of having their transactions confirmed. While many did succeed, some failed due to network congestion, and since the fee is tied to the computation cost, irrespective of whether the transaction succeeds or fails, this left them with a heavy bill and an even heavier heart .Ā
Imagine if the valet took your money after you gave them an offer to get your car back because someone offered them more ā a nightmare scenario as gas fees are unfortunately non-refundable. While the debacle was appropriately managed with the reimbursement from Yuga labs, this did little to mask an important Ethereum scalability issue around a runaway gas price ā¦ something you donāt have to worry about on 1Wallet and the scalable Harmony chain it supports.Ā Ā
1Wallet Updates
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See you soon,
1WalleteesĀ