The Digest is available for reading;

• In 2022, a surge of transactions causes a seventh outage

• Yuga Labs Raised $320M in Virtual Land Sale. The Gas Fees go Through the Roof

• ApeCoin drops 40%, despite the sale of Otherside Metaverse land

• Rari Capital and Fei Protocol both suffer a $80M Hack. Saddle Finance loses $13.8 million in Hack

• Labs unlock 700M XRP and lock 800M in different transactions

Solana suffers her 7th outage after a surge of transactions in 2022

Solana’s high-performance blockchain project has experienced another outage that kept the network offline for seven hours Saturday, April 30, and Sunday, May 1. It is the seventh major outage Solana suffered since 2022.

According to on-chain data, Solana’s latest blackout happened because of numerous transactions from nonfungible token (NFT) minting bots.

Candy Machine is a very popular Solana NFT application, which was used by the mining bots to create collections. The Solana network invalidators failed to reach consensus due to the 4,000,000 transactions per second network.

These 4,000,000 transactions or 100 gigabits per second are the most ever recorded on Solana’s blockchain. By 3:00 UTC (May 1), the Validator Community had brought back the network online.

Flipsider:

• Solana’s network crash comes just days after co-founder Anatoly Yakovenko said To avoid losing users, PoS must be changed.

What You Need to Care About

Metaplex announced that, in an attempt to prevent this from happening again, they have merged and will soon implement a botting penality to the program as part a wider effort to stabilise the network.

Yuga Labs raises $320 million in Virtual Land Sale. Ethereum Gas Fees go through the roof

Yuga Labs created the Bored Ape Yacht Club NFT collection and launched its land sales to fund its highly-anticipated metaverse project.

Shortly after launching, Yuga sold 55,000 blocks of land (Otherdeeds) in its “Otherside,” raising approximately $320 million. Yuga Labs is now the sole NFT seller for virtual land, having completed one of its largest NFT mints.

While Otherdeeds could be purchased directly at a fixed price of 305 ApeCoin (flat), gas fees had to be paid in ETH. Gas fees on Ethereum’s network took an unexpected turn due to increased demand.

ETH network users claimed that gas costs were as high as $467 at the beginning of the sale. At the height of sales gas fees ranged from $3,800 to up to $6,500 per transaction (some even reported $14,000).

Tracker for Ethereum gas. Source: Etherscan

Flipsider:

• This spike in gas fees caused the Ethereum network to consume more than 71,000 ETH (or over $200,000,000)

What You Need to Care About

At 09:43 UTC the Ethereum gas price has fallen to $2.63 per transaction.

Tracker for Ethereum gas. Source: Etherscan

ApeCoin, (APE), falls 40% despite Otherside Metaverse land sale

Apecoin (APE), despite its use as the token to create the largest NFT coins via virtual land sale, has seen a steep decline after a rally.

On April 28, APE’s price reached its second-highest level, hitting $27.57. APE’s price has fallen by 40% over the last 3 days.

APECOIN (APE), three-day chart Source: Tradingview

APE fell to $15.5 due to the drop in price. Yuga Labs realized that the sale had a negative impact on the supply of Otherdeed NFTs and decided to restrict the number of them. They started with just two wallets for the initial wave.

Flipsider:

• Yuga Labs requested that the ApeCoin DAO hold a poll on whether ApeCoin’s (APE), could move from Ethereum to its blockchain.

What You Need to Care About

Yuga Labs claims that the migration of ApeCoin to its own chain will help scale up the new hot token.

Rari Capital and Fei Protocol Both Suffer an $80 Million Hack. Saddle Finance Hacked to $13.8 million

As another DeFi attack has attempted to siphon $80 million, the disturbing trend in decentralized finance is continuing. Rari Protocol suffered the most recent attack after it was merged last December with Fei Protocol.

According to smart contract analysis firm Block Sec, the attacker exploited a reentrancy vulnerability in Rari’s Fuse lending protocol. The bug allows hackers to trick a protocol into letting them withdraw an excess supply of tokens they don’t actually own.

Within a few hours after the Rari attack was reported, Saddle Finance – a decentralized automated market maker for stablecoins – was hit by a similar attack, with 4,900 ETH or $13.8 million stolen.

BlockSec was able, unlike Rari’s system, to assist Saddle Finance in recovering approximately $3.8million of stolen funds. BlockSec utilized an internal system which uses flashbots in order to identify and front-run hacking instances to recover the funds.

Flipsider:

• Rari Capital offersAllow the attacker to keep $10 million, if they wish to return funds.

What You Need to Care About

Since the beginning of this year, DeFi hacks and theft have been in many forms. This has led to increased security for DeFi protocols.

Ripple Labs unlocks 700MXRP and locks 800MXRP in different transactions

Ripple Labs released 700 million XRP tokens to its May episode.

WhaleStats’ large transaction tracker has provided data that Ripple was able to unlock the 700,000,000 XRP coins through two transactions.

First 500 million transaction in XRP was valued at $304.9 Million, while the second 200m transaction was worth $121 Million.

Ripple Labs locked an additional 800 million XRP tokens in August, which was different from the other months. Ripple sent the tokens to its escrow wallet in three separate transactions – 500 million XRP, 200 million XRP, and 100 million XRP.

Flipsider:

• The large-scale transactions around Ripple’s XRP have left whales jittery about the price of XRP.

What You Need to Care About

Ripple Labs has locked XRP tokens in an attempt to decrease the amount of XRP currently in circulation, and prevent it from crashing.

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