The GMX protocol halted trading on GMX V1 after a liquidity pool suffered an exploit on Wednesday, leading to $40 million in funds being stolen and sent to an unknown wallet.

GMX V1 is the first version of the GMX perpetual exchange deployed on the Arbitrum network. The attacked pool provides the liquidity provider of the GMX protocol with a basket of underlying digital assets including Bitcoin (BTC), Ether (ETH) and stablecoins, according to the GMX team.

The protocol has also announced a temporary suspension in minting and redemption of GLP tokens on both Arbitrum and the layer-1 Avalanche network to protect against any additional fallout from the cybersecurity exploit.

Users of the platform were instructed to disable leverage and change their settings to disable GLP minting.

“The exploit does not affect GMX V2, its markets, or liquidity pools, nor the GMX token itself. Based on the available information, the vulnerability is limited to GMX V1 and its GLP pool,” the team said.

Blockchain security company SlowMist attributed the exploit to a design flaw that allowed hackers to manipulate the GLP token price through the calculation of the total assets under management.

Hacks and cybersecurity crimes continue to be major pain points in the crypto industry, affecting both centralized platforms and decentralized exchanges. The hacks have caused billions of dollars in cumulative losses and discouraged new participants from adopting crypto due to the fear of victimization by sophisticated threat actors.

Related: Brazil’s central bank service provider hacked, $140M stolen

Crypto hacks continue to be a feature of the digital asset landscape

Losses from crypto hacks reached $2.5 billion in the first half of 2025, with approximately $1.4 billion in stolen funds resulting from the Bybit hack in February.

In June, Iranian crypto exchange Nobitex fell victim to a cyberattack from a pro-Israeli hacker group called Gonjeshke Darande.

The hack caused over $81 million in losses for the Iranian exchange, which was forced to pause services temporarily to mitigate the effects of the hack.

The United States Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on Song Kum Hyok, a group of North Korea state-affiliated hackers, on Wednesday.

Song Kum Hyok infiltrated several crypto companies and defense contracting businesses, intending to exploit these organizations from the inside with both social engineering scams and cybersecurity breaches.

Magazine: North Korea crypto hackers tap ChatGPT, Malaysia road money siphoned: Asia Express

]]> https://earlybirdsinvest.com/gmx-halts-trading-token-minting-following-40-million-exploit/feed/ 0 46700 https://earlybirdsinvest.com/gas-hacks-7-advanced-techniques-to-slash-nft-minting-fees-on-ethereum/ https://earlybirdsinvest.com/gas-hacks-7-advanced-techniques-to-slash-nft-minting-fees-on-ethereum/#respond Tue, 17 Jun 2025 17:52:33 +0000 https://earlybirdsinvest.com/gas-hacks-7-advanced-techniques-to-slash-nft-minting-fees-on-ethereum/

Minting NFTs on Ethereum has become synonymous with creativity—and high costs. As the network’s popularity has surged, so have its gas fees, sometimes making it prohibitively expensive for independent artists, small studios, or developers testing new projects. But that’s changing.

Thanks to the evolution of Layer 2 solutions, smarter smart contract standards, and growing platform support for gas-saving features, creators in 2025 now have a toolkit to reduce Ethereum gas fees. Whether you’re launching a 10,000-piece collection or a one-off art drop, these advanced techniques will help you mint more efficiently, strategically, and affordably.

Here are seven battle-tested gas hacks to optimize your NFT minting on Ethereum.

Key Takeaways

• Layer 2 networks, such as Polygon and Arbitrum, offer near-zero gas fees for NFT minting.

• Batch minting using standards like ERC721A can cut costs by over 80%.

• Lazy minting defers fees to buyers, saving upfront gas.

• Off-peak scheduling reduces Ethereum gas fees by up to 60%.

• Smart contract optimization directly lowers minting transaction costs.

What Are Ethereum Gas Fees?

Gas fees are payments made to Ethereum validators for processing transactions. These fees, denominated in Gwei, vary depending on network congestion. Minting an NFT, which triggers smart contract execution, can cost anywhere from a few dollars to hundreds — making efficiency crucial for creators.

1. Use Layer 2 Solutions

Ethereum’s congestion has driven gas fees sky-high, but Layer 2 (L2) solutions offer an elegant fix. Networks like Polygon, zkSync, Arbitrum, and Optimism offload transaction execution and settle on the Ethereum mainnet in batches. This reduces gas costs dramatically—often to fractions of a cent.

To begin:

• Bridge ETH to your chosen L2 using tools like the Arbitrum Bridge or zkSync Portal.

• Connect your wallet to the new network.

• Mint your NFTs on supported platforms like OpenSea (Polygon), Immutable X, or Zora.

Pros

Cons

2. Batch Minting with ERC721A or ERC1155

Minting NFTs one by one is inefficient. Standards like ERC721A and ERC1155 allow you to batch mint NFTs, compressing multiple mints into a single transaction—a game-changer for cost savings.

Here’s how to use it:

• Use a minting platform like Manifold Studio, or deploy a custom contract that supports ERC721A.

• Upload your metadata and assets.

• Mint in bulk using built-in batch functions.

This is one of the most effective methods for reducing Ethereum gas fees in high-volume projects.

Pros

Cons

Azuki cut collector gas costs by over 60% using ERC721A.

3. Lazy Minting (Mint-on-Demand)

With lazy minting NFTs, creators upload content off-chain and defer blockchain confirmation until the asset is purchased. This means you avoid paying gas unless there’s a sale.

How it works:

• Choose a platform like OpenSea, Rarible, or Mintable.

• Upload your NFT metadata—the file remains off-chain until sold.

• When someone buys it, the NFT is minted and logged on-chain.

Pros

Cons

4. Time Your Mints During Off-Peak Hours

Gas prices fluctuate wildly throughout the day. By timing your mint during low network activity, you can significantly reduce costs—sometimes by 60% or more.

To optimize timing:

• Use trackers like Etherscan Gas Tracker or Blocknative’s estimator

• Identify low-traffic windows (typically 1–6 AM UTC or weekends)

• Plan your drops or contract interactions accordingly

Pros

Cons

5. Optimize Smart Contract Code

Well-written smart contracts don’t just perform better—they cost less. By minimizing expensive operations, you reduce the amount of gas required for minting and other interactions.

To get started:

• Use libraries like OpenZeppelin, which offer gas-efficient contract templates

• Run audits with tools such as Slither or MythX

• Avoid storage-heavy loops and unoptimized logic

This is a long-term investment that helps consistently reduce Ethereum gas fees for both creators and collectors interacting with your contracts.

Pros

Cons

6. Set Custom Gas Prices and Limits

Most wallets allow you to adjust gas settings manually. During low congestion, lowering the Gwei price can result in meaningful savings without sacrificing reliability.

Here’s how:

• In MetaMask or Rabby, click “Edit” before confirming a transaction

• Choose “Low” or enter a custom Gwei value (e.g., 8 Gwei during quiet times)

• Confirm the transaction and monitor its progress

Pros

Cons

7. Use Gas Abstraction Tools or Gasless Minting

Gas abstraction shifts the gas payment from the user to a third-party relayer. Some platforms even subsidize these fees as part of promotional campaigns or UX design.

To try it:

• Sign up with platforms like Mintology, Biconomy, or Gelato

• Create your NFT and authorize a transaction—no ETH needed

• A relayer processes the minting on-chain, sometimes absorbing the cost entirely

Pros

Cons

Risks to Consider

While these hacks can drastically reduce gas fees, they’re not without trade-offs:

• Off-chain or abstracted transactions may depend on third-party uptime and integrity

• Lazy minting delays on-chain provenance

• Optimized contracts require upfront dev work or audit costs

Bonus: Consider Cheaper Blockchains

Ethereum isn’t the only game in town. Chains like Polygon, Tezos, and Solana offer minting for pennies or less—ideal for large or experimental projects.

Cross-chain platforms like OpenSea and Magic Eden now support multi-network minting, allowing you to maintain reach while dramatically reducing cost.

Conclusion

Ethereum gas fees remain one of the biggest hurdles for NFT creators—but they don’t have to be. As the Ethereum ecosystem evolves, the tools to reduce Ethereum gas fees are becoming increasingly powerful, accessible, and creator-friendly.

From leveraging Layer 2s and batch minting NFTs to strategic timing and lazy minting NFTs, there are actionable ways to mint smarter.

Whether you’re launching your first NFT collection or scaling your fifth, the techniques in this guide can help you stay competitive and sustainable in a cost-sensitive Web3 economy.