ApeCoin DAO can move from Ethereum to Avalanche or Flow
Following the historical occurrence, ApeCoin DAO – Bored Ape Yatch Club’s (BAYC) decentralized autonomous organization is in discussions with several Layer 1s to come up with a suitable chain migration option.
Following the painful outage caused by the “Otheride” metaverse land sale event, which wiped out more than $10 million in transaction fees, ApeCoin DAO board members are listening and discussing the possibility of switching ApeCoin (APE) from Ethereum to another chain.
According to sources, the two blockchains targeted by Yuga Labs are Avalanche and Flow, both of which have proven to be excellent prospects for integrating into Yuga’s massive NFT ecosystem.
Yuga Labs first investigated ApeCoin’s migration to another chain on Twitter on May 1st, and the project encourages ApeCoin DAO to contribute ideas.
Reddit co-founder Alex Ohanian, Animoca Brands president Yat Siu, and FTX game CEO Amy Wu serve on ApeCoin’s board of directors. Considering its formation in March, the DAO has voted on eleven proposals so far.
When migrating to Avalanche, the Yuga ecosystem can be put on the Avalanche subnet, which is a technology that allows the separation of transactions from a single application without congesting the entire procedure. In March, Avalanche paid $290 million to appeal to subnets, while talks with the undertaking are still in their early stages.
Kevin Sekniqi, co-founder and CEO of Ava Labs, shared:
“We have had some preliminary discussions with ApeCoin DAO about the subnet and are usually open to welcoming them into our ecosystem. And they genuinely have to have scalable blockchains like Avalanche.”
Blockchain Flow has a comparable proposition, as they are performing tens of thousands of transactions per day using their expertise in controlling optimum transaction volumes with NBA Top Shot.
Furthermore, Dapper Labs, the company behind Flow, created this blockchain in response to the well-known CryptoKitties NFT incident, which also rendered Ethereum immobile.
Mik Naayem, Sales Director at Dapper Labs, said:
“We had some conversations with ApeCoin board member DAO. CryptoKitties has faced equivalent problems and Flow will be a terrific household for ApeCoin. “
The benefits of Yuga putting the ecosystem in its own chain are obvious: lower transaction costs, faster network speeds, and the ability to spend fuel tariffs with APE. However, there are also concerns about what the company would do with all of its current Ethereum holdings, which have a total market valuation of more than $1 billion.
Even creating your own chain has numerous “complications.” Typically, the popular P2E game Axie Infinity, which many people were concerned about “home migration,” instantly “failed” $625 million from “a home-made network as sweet as home.” On the evening of March 29, this was the most unexpectedly severe attack in the cryptocurrency sector.
Do not quit there, Yuga Labs, the entity behind each BAYC and APE, has denied this information. The Twitter account of Yuga Labs co-founder Garga.eth states:
A member of the ApeCoin DAO Discord channel indicated that they hadn’t decided whether to use Avalanche or Flow. Much of the discussion focused on determining whether to “stay with Ethereum or develop a separate Tier 2.”
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