It’s April 30, 2022, and the Bored Apes Yacht Club (BAYC) is taking the Web3 world by storm. Today is one of the most hotly anticipated events in Web3 history: the “Otherside” land sale.

Yuga Labs is selling 55,000 parcels of virtual real estate on Ethereum mainnet for 305 Apecoin, or roughly $6,000 each.

Hopeful participants have completed KYC, but the mint is heavily oversubscribed. When the starter pistol fires, real users find they are competing against an army of bots. Ethereum’s transparent mempool means that pending transactions are visible for anyone to see, and the bots drive up gas prices in a war to outbid everyone else and mint the NFTs before they sell out.

Gas prices rise to over 6,000 Gwei for several hours, spiking as high as 8,000 Gwei, and delaying transactions across the entire network. Many users end up spending 2–5 ETH in gas (up to $14,000) per mint for a $6,000 NFT. One user notoriously pays $44,000 in gas for 2 NFTs.

Otherside was the biggest single-day NFT mint in history, with Yuga Labs collecting over $300 million. Meanwhile, 60,000 ETH in gas ($170 million) was spent on successful and failed transactions.

COTI Fixes This

There were several reasons for the problems, including oversubscription and a poorly-optimized minting contract. However, Ethereum’s transparency contributed significantly by facilitating bots to stage a gas war, which led to record-high gas costs and tens of thousands of failed transactions. If the Otherside mint had been run using COTI privacy, this wouldn’t have been the case.

How? COTI can be used to obscure transaction details, ensuring that they never hit the public mempool in cleartext. COTI is a first-of-its-kind implementation of garbled circuits on public blockchains. Private transactions of this kind give no opportunity to attackers to know the price or volume of a trade in order to exploit it.

COTI’s solution offers programmable privacy at the protocol level, not through wrappers or mixers, but through secure multi-party computation (MPC) embedded directly into blockchain execution. It delivers fast and lightweight privacy to all major chains with the fastest speed of settlement when compared to any other decentralized confidential computing (DeCC) solution to date.

COTI means MEV-proof DeFi transactions, for private DEX trading, AI Trading Agents, RWAs, stablecoins, NFTs and more. Today, you can launch private NFTs on COTI with Crafter.

Welcome to the new era.

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