Crypto Flipsider News – Solana suffers another outage, Yuga Labs raises $ 320 million, ETH gas prices skyrocket, ApeCoin drops 40% in three days, Rari, Fei and Saddle Finance $ 90 million in DeFi Hacks Lose, Ripple Labs unlocks 700MXRP
Please read the digest.
- Suffering from a seventh outage in 2022 after a surge in transactions
- Yuga Labs raises $ 320 million on virtual land sale and gas charges go through the roof
- ApeCoin (APE) down 40% despite the sale of land in the Metaverse
- Lari Capital and Faye Protocol suffer a combined $ 80 million hack, saddle finance loses $ 13.8 million in hacks
- Labs unlocks 700MXRP and locks 800MXRP in various transactions
Solana suffers a seventh outage in 2022 after a surge in transactions
Solana’s high-performance blockchain project had another outage that took the network offline for seven hours on Saturday, April 30th and Sunday, May 1st. This is Solana’s seventh major outage since 2022.
According to on-chain data, Solana’s latest power outage was caused by a large number of transactions from non-fungible token (NFT) minting bots.
The mining bot was used in CandyMachine, a popular application used in the Solana NFT project to launch collections. Unfortunately, the Solana network validator lost consensus because the network was overcrowded with 4 million transactions per second.
Four million transactions, or 100 gigabits per second, is the highest ever recorded on the Solana blockchain. The validator community has brought the network back online by 3:00 am on May 1st.
Flip Cider:
- Solana’s network crash happens a few days after co-founder Anatoly Jacobenko said You need to change to PoS to avoid losing users.
Why you need to care
To prevent this, Metaplex said it would combine these and soon introduce a botting penalty into the program as part of a broader effort to stabilize the network.
Yuga Labs Raises $ 320 Million for Virtual Land Sale, Ethereum Gas Charges Go Through Roof
On April 30, Yuga Labs, creator of the famous Bored Ape Yacht Club (BAYC) NFT collection, launched land sales for its long-awaited metaverse project, Otherside.
Shortly after launch, Yuga sold 55,000 blocks of land (Otherdeeds) on “Otherside”, raising about $ 320 million. Yuga Labs has completed the largest NFT mint ever through virtual land sales.
Otherdeeds were sold directly at the list price of 305 ApeCoin, but the gas charges were paid in ETH. Due to the surge in demand, gas prices on the Ethereum Network have undergone unexpected changes.
Early on sale, ETH network users reported gas charges as high as $ 467. However, at peak sales, gas prices ranged from $ 3,800 to $ 6,500 per transaction (some reports say $ 14,000).
Ethereum gas tracker. Source: Etherscan
Flip Cider:
- Soaring gas prices helped the Ethereum network burn 71,700 ETH, or more than $ 200 million.
Why you need to care
As of 09:43 UTC, Ethereum’s gas prices have dropped to $ 2.63 per transaction.
Ethereum gas tracker. Source: Etherscan
ApeCoin (APE) fell 40% despite the sale of land in the Metaverse
Despite being used as the largest NFT mint token to date through virtual land sales, Apecoin (APE) continues its downward spiral after a strong recovery.
On April 28, the price of APE reached the second highest level, reaching $ 27.57. However, in the last three days, APE prices have fallen by more than 40%.
Apecoin (APE) 3-day price chart. Source: Tradingview
Due to the price cut, APE fell to $ 15.5. As a result of the sale, Yuga Labs has decided to limit the creation of Otherdeed NFTs, starting with two NFTs per wallet of the first wave.
Flip Cider:
- Yuga Labs has asked ApeCoin DAO to vote on whether ApeCoin (APE) can move from Ethereum to its own blockchain.
Why you need to care
According to Yuga Labs, migrating ApeCoin (APE) to its own chain will help scale hot new tokens properly.
Rari Capital and Fei Protocol suffered a combined $ 80 million hack, and Saddle Finance was hacked for $ 13.8 million.
The nasty trend of decentralized finance continues as another DeFi attacker managed to suck up $ 80 million on April 30th. The latest attack was damaged by the Rari protocol, which was integrated with the Fei protocol last December.
According to BlockSec, a smart contract analytics firm, an attacker exploited a re-entry potential vulnerability in Rari’s Fuse lending protocol. This bug allows hackers to trick the protocol into canceling an oversupply of tokens that they don’t actually own.
Within hours of the reported Rari attack, Saddle Finance, a decentralized automated market maker for Stablecoin, was similarly attacked, stealing 4,900 ETH or $ 13.8 million.
Unlike Rari, BlockSec was able to help Saddle Finance recover about $ 3.8 million of stolen funds. BlockSec used an internal system that used flash bots to detect hacking incidents and front-run to collect funds.
Flip Cider:
- Lari Capital offers Allows the attacker to maintain $ 10 million if the attacker chooses to return the funds.
Why you need to care
DeFi theft and hacking have taken many forms since the beginning of the year, requiring greater security for the DeFi protocol.
Ripple Labs unlocks 700MXRP and locks 800MXRP in various transactions
In the May episode of monthly token unlocking to make XRP supply more predictable, Ripple Labs unlocked 700 million XRP tokens from their escrow accounts.
According to data provided by the large transaction tracker WhaleStats, Ripple unlocked 700 million XRP coins in two separate transactions.
The first 500 million XRP transactions were worth $ 304.9 million and the second 200 million XRP transactions were worth $ 121 million.
Unlike last month, Ripple Labs has locked another 800 million XRP tokens. Ripple sent tokens to the escrow wallet in three separate transactions: 500 million XRP, 200 million XRP and 100 million XRP.
Flip Cider:
- Whales are worried about the price of XRP due to the large-scale transaction over Ripple’s XRP.
Why you need to care
Ripple Labs will lock XRP tokens as part of its efforts to reduce the number of XRP in circulation and further prevent the price of digital currencies from plummeting.
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