A future after Ethereum? – Following the disastrous implementation of the NFTs in the countries of Yuga Labs’ “Otherside” metavers, the team is considering a migration. In fact, the board members of ApeCoin DAO are affiliated with the Bored Ape Yacht Club study the offers for the migration of ApeCoin. It is currently running on Ethereum blockchain. The coin of the “Otherdeed” grounds had cost over $ 100 million in transaction costs to investors.
ApeCoin will acquire branches on another blockchain
According to the managers of the companies concerned, the two main challengers are Avalanche and Flow. Both blockchains consider themselves suitable to host an ecosystem NFT which the Yuga builds. Yuga Labs first hinted at a potential ApeCoin migration in a Twitter thread on May 1, 2022. In this tweet, they urge the decentralized autonomous organization (DAO), made up of APE holders, to seriously consider this option.
Initially, the board did not consider migrating to another layer 1. However the tweet reportedly sparked a discussion among DAO members about a potential move. These negotiations are still ongoing. The DAO board is not “actively” looking for new blockchains. However, he wants to implement the wishes of the users. Therefore, if a migration were to be voted on, they would have to abide by it.
The benefits of Yuga Labs moving 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 case of migration are just as obvious. What would the company do with all its existing assets on Ethereum ? They currently amount to over $ 1 billion in market value.
Even with its own blockchain, many complications can continue. The popular play-to-earn Axie Infinity is a perfect example. No need to come back the $ 625 million business on his Ronin network. Finally, the decision regarding the migration of this entire ecosystem will be made by the members of ApeCoin DAO. While Yuga Labs no doubt influences decisions, the company says it does not control DAO.
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AVAX or FLOW for new cheaper jokes
When moving to Avalanche, the Yuga Labs ecosystem could have its own subnet. On this blockchain, a system makes it possible toeasily isolate application transactions without clogging the parent network. Avalanche pledged $ 290 million to attract new subnets in March. However, discussions with the project are currently only at the initial stage.
“We had some discussions with [ApeCoin DAO] on the sub-networks and we had prepared our pitch well (…) We have all seen it with the sale of land, NFT ecosystems of this size must have an evolving environment. »
Kevin Sekniqi, co-founder and COO of Ava Labs
Flows blockchain offers a similar service. Flow has proven it ability to handle large transaction volumes with NBA Top Shot. The app actually records tens of thousands of transactions every day. Dapper Labs, the company behind Flow, also created blockchain of necessity. The case is similar to the sale of the Otherside plot. Blockchain was born after the famous CryptoKitties debacle which had temporarily suffocated Ethereum.
“We have had conversations with members of the board [d’ApeCoin DAO]. I think it will come down to a vote (…) CryptoKitties faced similar challenges. I think Flow would be a great home for [ApeCoin]. That said, there are still plenty of assets on Ethereum and things to consider. »
Mik Naayem, Commercial Director of Dapper Labs
In the case of blockchain migration, the ecosystem around the Bored Ape Yacht Club may be more fluid. So could Yuga Labs make a good figure and avoid some mishaps. April 30, 2022, the company had reimbursed gas costs to anyone who failed to mint an “Otherdeed” NFT.
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