Special Edition 0: Yuga Labs BAYC Land Sale - WHAT HAPPENED?

Largest Gas War Day

Yuga's apology reads as if they feel they did nothing wrong, and Ethereum is to blame for the mess. Meanwhile, they:

- Had a poorly optimized contract, to the point of negligence

- Allowed 2 mints per wallet amongst 40k KYC wallets that had pre-approved $ape for minting

Yuga Labs @yugalabs

We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.

On May 1, 2022, Yuga Labs started their BAYC land sale, but something happened. Minters are all getting chopped by gas fees. ⛽

There is nearly impossible that the Yuga Labs would unaware their launch would bring a mass traffic and high gas fees considering their popularity and adoption rate.

By putting the blame on Ethereum, they are now planning to create an Apechain. Planned from the beginning? If the Yuga Labs can’t even make a gas optimized mint contract, how are they gonna make a L1 for themselves?

Ethereum layer 1 clearly is not a good place to deploy their land sale, but they chose to do it anyways. Many alternative ways out there can solve their problem and below is one of them, thread by @WillPapper 👇:

Will Papper ✺ @WillPapper

Nearly $100M has been spent on gas for the BAYC land sale in one hour. This is money that could have gone to Yuga or stayed in user's pockets. The contract had nearly zero gas optimizations. I'll explain a few gas optimization tricks that could have saved many millions below 👇

Nearly $100M has been spent to pay the gas fee for minting BAYC land.

Will Papper ✺ @WillPapper

Gas optimization 1: Remove the ERC721Enumerable extension. The ERC721Enumerable extension is used to track the owners of an NFT on-chain. Mints that remove the ERC721Enumerable extension save around 70% in gas costs. This tiny change would have saved around $70M this hour.

• Gas optimization

• Rollup

• Deploy on L2, zk rollups

Plenty of ways to improve the User Interface already, we could’ve prevented the gas war easily if Yuga Labs doing things in the right way. If a normal person knew how to do it, why not Yuga Labs?

$APE after the shitshow:

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Self outtakes:

At the same time, $APE funding rate across all the Centralized Exchanges were maxed out at -0.75%. Shorters are paying roughly 8000% APY to short $APE coin.

Who are they? Do they already have insider info to know that Yuga Labs will throw some shits? Or… 🤔

Short $APE at $23 → Drop a shitshow, blaming on ETH for the gas fee → Take profit on short positions → Buy more $APE on cheap spot price → Drop the “ApeChain” news

These are all my assumptions, I hope that I am wrong.

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Talk soon,

-SmolRun