Yuga Labs is preparing to leave the Ethereum network after users experienced some challenges minting on its Otherside non-fungible tokens project over the past few days. Consumers’ requests for the ETH-powered Otherdeed tokens reached tipping levels that miners struggled to secure their virtual assets on the project.
Yuga Labs, the organization that initiated the Bored Ape non-fungible tokens series, announced preparations to set up its blockchain network after consumer requests for digital land in its Otherside virtual project overwhelmed the ETH network a few days ago. Yuga Labs’ trade in digital land reportedly hosts the most voluminous non-fungible tokens’ mint ever seen in the virtual assets industry.
As a result of its minting volume, gas costs spiked to never-before-seen peaks. Moreover, many mining projects on the ETH network added extra clogging to the system. Reports say users on most other systems powered by the network found difficulty assessing the network.
However, Yuga Labs’ launch would not dominate the ETH network anymore because of the overwhelming customer demand from customers who want to sell on the ETH network. Yuga Labs announced that the Bored Ape DAO begins preparations to set up a custom blockchain to limit subsequent challenges like the recent experience of users on the non-fungible tokens project.
Increasing Demand for Virtual Yuga Labs’ Land Overwhelms the Ethereum Network
Reports on Yuga Labs’ Otherdeed non-fungible tokens’ mining activities show that they are the most publicized in their category of the cryptocurrency industry. The price of ApeCoin rose 145% a few weeks before the launch due to the virtual assets’ popularity.
However, the minting process turned highly challenging for the interested miners as gas costs skyrocketed into four digits during the launch. The situation reportedly affected all other ETH-backed applications powered by the Ethereum network. No one could execute the least challenging deal on the ETH network during the Otherdeed minting event.
Reacting to the situation, Yuga Labs said via their official Twitter account that they hadn’t expected the challenges users experienced due to the 305 APE price peg. However, it appeared they hadn’t expected as many individuals to own ApeCoin to the tune of $5,800.
Yuga Labs had permitted intending owners to hold no more than two BTC in a wallet at the beginning of the sale to evenly distribute the tokens across different customer persons and compensate for the rising gas costs. Yet the minting project overwhelmed the ETH network.
The organization observed that the volume of this project was so immense that the network that backed it became overwhelmed and ceased normal operations. The initiators ended the tweet by saying it’s apparent that the project had grown beyond Ethereum.
Some individuals reportedly lost money in gas expenses due to uncompleted minting activities during the mint. Yuga Labs says it will compensate those individuals who couldn’t secure a virtual property in the Metaverse for their gas fees expenses.
Otherdeeds currently sell on the trading place Rarible at 4.6 ETH ($13,100), which reportedly would compensate for the costs of the coin and the minting process itself.