Why Elite NFT CryptoPunk Accidentally Destroyed by Owner ?

Elite NFT CryptoPunk Accidentally Destroyed : Oh ! the painful accident triggered yet another round of discussion about the UX/UI issues of modern Web3 services. Some of them can be too tricky even for cryptocurrency experts.

Crypto Punk #685 blue-chip NFT is lost forever: Reasons

On March 25, 2023, cryptocurrency enthusiast Brandon Riley, who held top NFTs such as Bored Ape Yacht Club (BAYC) and Bitcoin Ordinals, revealed that he had accidentally destroyed his prized CryptoPunk #685 NFT, rendering it lost forever.

Riley had attempted to borrow money using his CryptoPunk as collateral, but due to his lack of experience with wrapped NFTs and unfamiliarity with the details of proxy contracts, he mistakenly approved sending his NFT to a burn address.

He had purchased the NFT just 12 days prior for 77 Ethers (ETH), or roughly $135,000 at the time of purchase, which accounted for one-third of his net worth. Riley had originally intended to hold the NFT for a decade as a long-term investment in the top tier of NFTs.

Following the announcement, Riley’s Twitter followers showed their support, with some expressing criticism of Web3 services for their failure to develop user-friendly interfaces for basic operations. Some early-stage NFT creators even pledged to send their artworks to Riley as a gesture of support.

Cardano Hydra Solution Prepares for Mainnet Beta Release

According to IOG’s most recent weekly report, Cardano’s Layer 2 scalability solution, Hydra, may soon be approaching its mainnet beta release.

The Hydra team is presently working on Hydra-node mainnet compatibility, and has added a golden test suite for Hydra Plutus scripts and some detection of Hydra-node misconfiguration.

Additionally, the team has established a mainnet limit of 100 ADA per commit for the present and addressed smaller tasks to prepare for the mainnet beta release.

The Hydra family of protocols aims to improve transaction speed by offering low latency, high throughput, and minimal transaction costs. The Hydra Head protocol, which is the first member of the family, lays the groundwork for advanced deployment situations.

With the Alonzo upgrade, decentralized applications (dApps), smart contracts, and other applications can be built on top of Cardano. Hydra, a key Layer 2 solution to further enhance Cardano’s scalability by layering a new protocol on top of the existing Layer 1 blockchain, is an exciting innovation made possible by Alonzo.

Mithril teams are also working on the final milestones to make the mainnet beta version of Mithril available, as previously reported. Recent IOG statistics show that 1,215 projects are presently building on Cardano, while 118 have already launched.

There have been a total of 63.5 million transactions made, with 8.03 million Cardano native tokens distributed across 70,937 minting policies. There have also been 7,489 Plutus scripts, with 2,275 being Plutus v2 scripts.

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