NFT: An avalanche of monkeys – ApeCoin could move away from the Ethereum blockchain

A future post-Ethereum? – After the catastrophic mint of NFTs in the lands of Yuga Labs ’“ Otherside ”metaverse, the team is considering a migration. In fact, the board members of ApeCoin DAO are involved with the Bored Ape Yacht Club study offers for ApeCoin migration. It now runs on the Ethereum blockchain. Mint in “Otherdeed” designs comes at a cost more than $ 100 million at transaction costs to investors.

ApeCoin can catch up with the branches of another blockchain

According to the managers of the companies concerned, the two main contenders are Avalanche and Flow. Both blockchains consider themselves worthy to host an ecosystem NFT as established by Yuga. Yuga Labs first announced a potential ApeCoin migration in a Twitter thread on May 1, 2022. In this tweet, they encouraged the Decentralized Autonomous Organization (DAO), made up of APE holders, to seriously consider this possibility.

Initially, the board did not consider moving to another layer 1. However, the tweet reportedly sparked a discussion among DAO members about a potential move. These talks are still going on. The DAO board is not “actively seeking” new blockchains. However, he wants to implement the preferences of users. So, if a migration is voted on, they have to comply with it.

The benefits if Yuga Labs moves the ecosystem to its own blockchain are clear. Lower transaction costs, faster network and the ability to pay the gas fee to APE valid arguments. Unfortunately, the potential problems that can arise in the event of migration are just as obvious. What will the company do with all its assets Ethereum ? They have more than $ 1 billion in market capitalization at present.

Even with the blockchain itself, many complications can persist. The popular play-to-earn Axie Infinity is a perfect example. No need to go back the $ 625 million feat in his Ronin network. In the end, the decision about migrating this entire ecosystem will be made by ApeCoin DAO members. While Yuga Labs can influence decisions, the company says it does not control the DAO.

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AVAX or FLOW for new less expensive antics

In the case of transfer to Avalanche, the Yuga Labs ecosystem may have its own subnet. In this blockchain, a system makes it possible toisolate an application transaction that does not block the entire network. Avalanche has pledged $ 290 million to attract new subnets in March. However, project discussions are, for now, in the introductory stage only.

“We had some discussions with [ApeCoin DAO] in sub-networks and we have carefully prepared our pitch (…) We have all seen in the sale of spaces, the NFT ecosystem of such a size must have a thriving environment. »

Kevin Sekniqi, Co-Founder and COO of Ava Labs

After the mint disaster in NFTs
Tired Ape Yacht Club and ApeCoin, looking for new horizons

Flow’s blockchain offers a similar service. The flow proves it ability to handle high transaction volumes with NBA Top Shot. The app actually records tens of thousands of transactions per day. Dapper Labs, the company behind Flow, also makes blockchain by demand. The case is similar to the sale of land on the Otherside. The blockchain was born following the famous CryptoKitties debacle which is temporarily focused on Ethereum.

“We had conversations with members of the board of directors [d’ApeCoin DAO]. I think it will come with one vote (…) CryptoKitties faces the same challenges. I think Flow would be a good home for [ApeCoin]. As such, there are many more Ethereum properties and things to consider. »

Mik Naayem, Commercial Director at Dapper Labs

In the case of blockchain migration, the ecosystem around the Bored Ape Yacht Club will be more fluid. Yuga Labs can too make a good number and avoid some mishaps. On April 30, 2022, the company reimburses gas costs to anyone who fails to make an “Otherdeed” NFT.

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