A future without Ethereum? Following the disastrous minting of the NFTs of Yuga Labs’ “Otherside” metaverse’s territories, the team is exploring a relocation. Indeed, members of the ApeCoin DAO, which is related to the Bored Ape Yacht Club, are researching migration options for ApeCoin. It is presently being run on the Ethereum blockchain. Transaction fees for the Otherdeed plot mint have cost investors more than $100 million.
Branches on Another Blockchain Will Catch up With APECOIN.
The two biggest candidates, according to the CEOs of the firms involved, are Avalanche and Flow. Both blockchains believe they are capable of hosting an NFT ecosystem such as the one Yuga is constructing. Yuga Labs originally alluded to an ApeCoin migration in a Twitter conversation on May 1, 2022. They invite the Decentralized Autonomous Organization (DAO), which is made up of APE holders, to carefully evaluate this option in this tweet.
The board has not previously contemplated going to another layer. However, the post is said to have generated a conversation among DAO members about a possible shift. These discussions are currently underway. The DAO’s board of directors does not “actively seek” additional blockchains. However, he seeks to carry out user requests. As a result, if a referendum is held, they will be forced to comply.
The advantages of Yuga Labs migrating its ecosystem to its own blockchain are self-evident. Lower transaction costs, a speedier network, and the ability to pay gas prices in APE are all important considerations. Unfortunately, the potential issues that may occur as a result of relocation are evident. What would the corporation do with all of its existing Ethereum assets? At present, their market capitalization exceeds $1 billion.
Many concerns may persist even if it has its own blockchain. Axie Infinity, a well-known play-to-earn game, is an excellent example. There is no need to return the 625 million-dollar achievement to its Ronin network. ApeCoin DAO members will finally decide on the migration of this entire ecosystem. While Yuga Labs may influence selections, the company asserts it does not control the DAO.