The Ethereum protocol's flaws have resurfaced as a result of increased demand for Stoner Cats NFTs. Users have lost little under 310 ETH due to botched Stoner Cats NFT mints, according to on-chain data. That's about $700,000 in failed sales at today's prices.
This problem highlights weaknesses in the Ethereum protocol yet again. But what went wrong, exactly?
What went wrong? Users that missed out had not set their gas limit high enough, according to @0xWave, who explained the scenario. Miners choose to write other, higher-paying transactions onto the blockchain instead, leaving their transactions in limbo.
“In this scenario, the transaction failed because the gas limit was not set high enough to cover all steps in the transaction. However, it does not fail until it runs out of gas, thus even if the transaction fails, 100% of the allocated gas is used.”
Users are still charged even if the transaction "runs out of gas," as is the case with Ethereum. Last summer, when petrol prices soared to as high as 710 gwei, the same issue received a lot of attention.
The reason of the problem back then was DeFi frenzy, in which users rushed the network in the hopes of receiving big returns.
Poor scalability, which occurs when the quantity of transactions approaches network capacity, leads to high Ethereum gas prices. When this happens, the competition for transactions to be written into the block intensifies, encouraging miners to prioritize the most expensive transactions.
The developers are being blamed for not increasing the default gas limit high enough. However, it's possible that they underestimated the demand for Stoner Cats NFTs.
NFTs for the Stoner Cats sell out in record time.
Stoner Cats is an adult animated show about cats who reach a higher level of consciousness, with voiceovers by A-listers such as Mila Kunis. Vitalik Buterin, the co-founder of Ethereum, is also highlighted.
It's the first TV show entirely supported by the sale of NFTs. It was done, according to the team behind it, to avoid TV network restrictions and maintain creative control.
A total of 10,420 NFTs were available in the initial drop, which went online on July 27. The entire lot had sold out in 35 "meow-nutes," according to a tweet from the show's official Twitter account.
At 0.35 ETH per, a total of 3,647 ETH ($8.4 million) was raised.
Morgan Beller, a General Partner at NFX, the show's venture firm, had previously raised doubts about the show's ability to achieve its aim. However, based on the speed with which the NFTs sold out, it's evident that Stoner Cats has found a winning recipe.
The sale has already flooded the secondary market with NFTs. On a price countdown from 99.7 trillion ETH, Opensea indicates #420.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.