Bored Ape Metaverse Crashes Ethereum. Miners Profit from Higher GAS Fees

Bored Ape metaverse frenzy raises millions, crashes Ethereum

Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, launched a sale Saturday of virtual land related to its highly anticipated metaverse project, raising about $320 million worth of cryptocurrency in the largest offering of its kind. Demand was so strong that activity related to the event caused ripple effects across the entire Ethereum blockchain, disrupting activity and sending transaction fees soaring.

Twitter being Twitter:
We are aware that some users had failed transactions due to the incredible demand being forced through Ethereum’s bottleneck. For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas.

Like I said... #ethereum is the kind of ponzi scheme where the fees rise as less people are willing to validate and more people leave... It is a feed forward cycle only realized when the validators max out while remaining populations use/validate more efficient coins

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#Bitcoin #GPUMining #Ethereum