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

Summary:

• Yuga Labs and the Apecoin DAO committee members are reportedly listening to offers connected migrating ApeCoin disconnected Ethereum.
• Avalanche and Flow are allegedly negotiating for Apecoin to migrate to their chains.
• Neither Yuga Labs nor the Apecoin DAO has confirmed the imaginable migration to Avalanche oregon Flow.
• The Bored Ape Yacht Club Otherdeed NFT mint ‘broke’ Ethereum connected April 30th, causing precocious state fees and congestion.

The squad down Yuga Labs and the ApeCoin DAO committee members are reportedly listening to offers astir migrating Apecoin (APE) disconnected Ethereum.

According to a report by CoinDesk, teams from Avalanche and Flow are pitching the thought of having Apecoin migrate to their chains. Each squad believes that its concatenation is champion suited to grip an NFT ecosystem and metaverse arsenic fashionable and progressive arsenic the 1 Yuga Labs is creating.

We're atrocious for turning disconnected the lights connected Ethereum for a while. It seems abundantly wide that ApeCoin volition request to migrate to its ain concatenation successful bid to decently scale. We'd similar to promote the DAO to commencement reasoning successful this direction.

— Yuga Labs (@yugalabs) May 1, 2022

A root from the Apecoin Foundation told CoinDesk that the ApeCoin DAO committee had not earnestly considered migrating the full task to a caller furniture 1 blockchain. However, the May 1st Tweet supra by Yuga Labs highlighting the congestion caused by the OtherDeed mint and the possibility of an ApeCoin chain kickstarted discussions astir a imaginable move.

At the clip of writing, neither Yuga Labs nor the ApeCoin DAO has confirmed the talks connected migrating ApeCoin to a caller chain.

Yuga Labs’ Otherdeed NFT Mint Broke Ethereum and Other Records

The Otherdeed NFT mint spearheaded by Yuga Labs kicked disconnected connected the 30th of April. The lawsuit allowed Yuga Labs to rise astir $320 cardinal successful a fewer hours by selling plots of integer onshore successful the signifier of 55,000 NFTs, each selling for 305 Apecoin.

However, the monetary occurrence of the Otherdeed NFT mint was clouded by congestion connected the Ethereum web arsenic investors rushed to unafraid their integer plots of land. Consequently, Ethereum state fees skyrocketed to 8,000 Gwei, with immoderate participants parting with $7k to mint 2 Otherdeed NFTs.

By the extremity of the mint, astir 64k Ethereum worthy $176 cardinal had been spent connected transaction fees by the Bored Ape Yacht Club (BAYC) community.

The congestion stated above, coupled with the precocious state fees connected Ethereum during the event, prompted the squad astatine Yuga Labs to suggest that an Apecoin migration to its ain was a imaginable solution to forestall aboriginal mint events from undergoing akin hurdles.