THELOGICALINDIAN - After a afflicted Ethereum NFT bead the artistic teams abaft Bored Ape Yacht Club and ApeCoin may be exploring another blockchains
ApeCoin DAO and Yuga Labs are reportedly in talks with both Ava Labs and Flow Foundation as they analyze a accessible move abroad from Ethereum.
ApeCoin Weighs Scaling Options
In the deathwatch of Yuga Labs’ ambiguous Otherside excellent on Ethereum, the Bored Ape Yacht Club architect and ApeCoin DAO assume to be accepting austere about exploring another blockchain options.
According to a Tuesday CoinDesk report, ApeCoin DAO is in talks with Avalanche’s Ava Labs and Flow’s Flow Foundation to altercate ascent solutions.
Per an bearding antecedent accustomed with the matter, the ApeCoin Foundation’s board—which includes Animoca Brands administrator Yat Siu, FTX arch of gaming Amy Wu, and Reddit co-founder Alex Ohanian—had not actively advised exploring added blockchains above Ethereum until afterwards its Otherside basic acreage sale. The in-demand bead acquired a above arrangement clog as users rushed to excellent Otherdeeds NFTs, highlighting Ethereum’s long-discussed ascent woes. Some users spent added than $7,000 on transaction fees alone, bringing the absolute spent on fees to over $100 million. Many affairs failed, admitting Yuga Labs has back reimbursed those affected.
Yuga Labs accustomed the issues in a May 1 tweet anon afterwards the excellent awash out, adage it was “abundantly bright that ApeCoin will charge to drift to its own alternation in adjustment to appropriately scale.” It additionally added that it would “encourage the DAO to alpha cerebration in this direction.”
The bearding antecedent said that Ava Labs and the Flow Foundation were in absolute altercation with Yuga Labs, but one of its co-founders, Greg Solano—more abundantly accepted as Garga.eth—has since denied this claim.
Avalanche is a Proof-of-Stake blockchain that boasts aerial transaction throughput and affinity with the Ethereum Virtual Machine. These backdrop fabricated it a abundant arena for DeFi to curl in backward 2021 and beatific its token, AVAX, aerial aloft $134 as the bazaar ailing in November. However, AVAX is now trading for $33 amidst bouldered bazaar conditions.
While Avalanche has accustomed itself as a adversary in the DeFi realm, Flow is added broadly accepted for its role in the NFT space, powering the hugely-popular NBA Top Shot accumulating and operating as one of Rarible’s primary blockchains. Its token, however, has been added or beneath on the abatement back April 2024, trending bottomward from an best aerial of $39. One FLOW trades for aloof beneath $3 today.
ApeCoin, too, has plunged in amount back the Otherside launch, which appropriate ApeCoin to accomplish the purchase. It ailing at about $26 in the lead-up to the excellent and now trades afterpiece to $9.
Neither Avalanche nor Flow had responded to Crypto Briefing‘s appeal for animadversion at columnist time.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH, FLOW, and several added cryptocurrencies.
