NFT: An Avalanche of Monkeys – ApeCoin Might Exit the Ethereum Blockchain

A post-Ethereum future? – Following the catastrophic minting of the NFTs from Yuga Labs’ “Otherside” metaverse lands, the team is considering a migration. In fact, ApeCoin DAO board members linked to Bored Ape Yacht Club study the offers for ApeCoin migration. It is currently running on the Ethereum blockchain. The minting of the “Otherdeed” lots cost over US$100 million in transaction costs for investors.

ApeCoin will reach branches on another blockchain

According to those responsible for the companies concerned, the two main competitors are Avalanche and Flow. Both blockchains consider themselves suitable for hosting an ecosystem NFT like what Yuga is building. Yuga Labs first hinted at a possible ApeCoin migration in a Twitter thread on May 1, 2022. In this tweet, they encourage the Decentralized Autonomous Organization (DAO), comprised of APE holders, to seriously consider this possibility.

Initially, the board did not consider migrating to another tier 1. However, the tweet allegedly sparked an argument among DAO members about a potential move. These conversations are still ongoing. The DAO board does not “actively pursue” new blockchains. However, he wants to implement users’ wishes. So if a migration is voted on, they will have to abide by it.

The benefits if Yuga Labs moves its ecosystem to its own blockchain are obvious. Lower transaction costs, a faster network and the ability to pay gas fees in APE are valid arguments. Unfortunately, the potential problems that can arise in the event of migration are equally obvious. What would the company do with all of its existing assets in Ethereum ? They total over $1 billion in market capitalization at the moment.

Even with your own blockchain, many complications can persist. The popular win game Axie Infinity is a perfect example. there’s no need to go back the $625 million feat in your Ronin network. Finally, the decision on the migration of this entire ecosystem will be taken by the members of ApeCoin DAO. While Yuga Labs influences decisions, the company says it does not control the DAO.

>> Come get cryptocurrency exposure alongside industry-leading Binance (affiliate link) <

AVAX or FLOW for new, less expensive shenanigans

In case of change to Avalanche, the Yuga Labs ecosystem could have its own subnet. In this blockchain, a system enablesisolate single application transactions without clogging up the overall network. Avalanche committed $290 million to attract new subnets in March. However, discussions with the project are, for now, only in the preliminary phase.

“We had some conversations with [ApeCoin DAO] in the subnets and we had prepared our pitch well (…) We all saw this with the sale of parcels, NFT ecosystems of this size must have an evolving environment. »

Kevin Sekniqi, co-founder and COO of Ava Labs

After the catastrophic mint of NFTs
Bored Ape Yacht Club and ApeCoin, eyeing new horizons

Flow blockchain offers a similar service. Flow has proved its ability to handle large volumes of transactions with NBA Top Shot. The app actually records tens of thousands of transactions every day. Dapper Labs, the company behind Flow, also created the blockchain by necessity. The case is similar to the sale of the Otherside land. Blockchain was born after the famous CryptoKitties disaster that had temporarily blocked Ethereum.

“We had conversations with members of the board of directors [d’ApeCoin DAO]. I think it will be voted on (…) CryptoKitties faced similar challenges. I think Flow would be a great home for [ApeCoin]. That said, there are still a lot of assets in Ethereum and things to consider. »

Mik Naayem, Commercial Director at Dapper Labs

In the case of blockchain migration, the ecosystem around Bored Ape Yacht Club can be more fluid. Yuga Labs could also make a good figure and avoid some mishaps. As of April 30, 2022, the company reimbursed gas costs for those who failed to mint an “Otherdeed” NFT.

You don’t teach the old monkey to make faces. Indeed, whether you are a fan of DeFi, Bitcoin, it is essential that you have an account on Binance, the main player in the trading ecosystem (affiliate link)

Leave a Comment