Yuga Labs, Apecoin DAO Reportedly Considering Offers to Migrate APE Off Ethereum and Possibly Onto Avalanche or Flow

Yuga Labs, Apecoin DAO Reportedly Considering Offers to Migrate APE Off Ethereum and Possibly Onto Avalanche or Flow

May 17, 2022

A source from the Apecoin Foundation told CoinDesk that the ApeCoin DAO board had not seriously considered migrating the entire project to a new layer one blockchain. However, the May 1st Tweet above by Yuga Labs highlighting the congestion caused by the OtherDeed mint and the possibility of an ApeCoin chain kickstarted discussions about a possible move.

At the time of writing, neither Yuga Labs nor the ApeCoin DAO has confirmed the talks on migrating ApeCoin to a new chain.

Yuga Labs’ Otherdeed NFT Mint Broke Ethereum and Other Records

The Otherdeed NFT mint spearheaded by Yuga Labs kicked off on the 30th of April. The event allowed Yuga Labs to raise roughly $320 million in a few hours by selling plots of digital land in the form of 55,000 NFTs, each selling for 305 Apecoin.

However, the monetary success of the Otherdeed NFT mint was clouded by congestion on the Ethereum network as investors rushed to secure their digital plots of land. Consequently, Ethereum gas fees skyrocketed to 8,000 Gwei, with some participants parting with $7k to mint two Otherdeed NFTs.

By the end of the mint, roughly 64k Ethereum worth $176 million had been spent on transaction fees by the Bored Ape Yacht Club (BAYC) community.

The congestion stated above, coupled with the high gas fees on Ethereum during the event, prompted the team at Yuga Labs to suggest that an Apecoin migration to its own was a potential solution to prevent future mint events from undergoing similar hurdles.

Source: Read Full Article