Following Ethereum ‘s blockchain bottleneck during the “Otherdeed” sale, Yuga Labs and DAO Apecoin hint at their potential migration of the ecosystem of ApeCoin on a new blockchain.
Catastrophic mint on Ethereum
On April 30, Yuga Labs, creator (among others) of the NFT Bored Ape Yacht Club collection, put virtual lands for its future metaverse for sale, the other side. The sale was successful, and the demand was so great that the Ethereum blockchain could not keep up.
Thus some users have experienced transaction failures due to blockchain overload, but more importantly, Ethereum gas prices have risen, worth exceeding the price of NFTs. This phenomenon occurs when many users try to receive the signals at the same time, and exceed the network transaction fees.
This resulted in over $ 100 million in transaction fees, with Yuga Labs eventually reimbursing gas charges to all users who did not see their NFT Otherdeed mines completed.
Yuga Labs plans to move ApeCoin to another blockchain
So the company first expressed the idea of moving to another blockchain via a tweet published on May 1:
Sorry for turning off the lights on Ethereum for a while. It’s pretty clear that ApeCoin will have to migrate to its own chain to scale right. We would encourage the DAO to start thinking in those ways.
There are many benefits to moving to another blockchain for Yuga Labs. We would then look at reduced transaction costs, the possibility of paying them in ApeCoin and a faster network. However, such migration is likely to cause some anxiety problems Ethereum currently manages its assetsrepresenting a market capitalization of more than $ 1 billion.
Rumors of Flow and Buffer
Yuga Labs claims no control over the DAO (Decentralized Autonomous Organization) from ApeCoin. Initially, the DAO did not intend to consider such a migration. But Yuga Labs’ tweet seems to have sparked a discussion on the subject among its members. In addition, they want above all else to respect the wishes of their users. His choice seems to be in direction now Flow or Avalanche blockchain.
On the Avalanche side, a lot of work has been done to develop subnets. So Yuga Labs could have its own sub-network on which to transact without influencing the world wide web.
The Flow blockchain, created by Dapper Labs, has already been shown to be able to handle large transactions with NBA Top Shot mint. It was also born after a similar problem on Ethereum, where the craze for NFT Cryptokitties caused a blockchain crash.
No rumors have been confirmed yet
However, the co – founder of Yuga Labs denies on his Twitter account garga.eth after contacting the subject with one or the other of these blockchains. Kevin Sekniqi, co – founder of Ava Labs (Avalanche), admits he is in talks with the DAO ApeCoin without submitting a recommendation.
ApeCoin member DAO Discord stated that they did not discuss moving to Avalanche or Flow but instead debated “stay on Ethereum or create layer 2”.
Either way, the decision remains in the hands of DAO Apecoin and Yuga Labs.
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