In April, the launch of Otherside Virtual Land — the upcoming Metaverse game in the Bored Ape Yacht Club (or BAYC) franchise — marked a major moment for the non-fungible token (or NFT) market. According to some, it was a complete disaster.
While Otherdeeds NFTs generated more than $300 million in profits in primary sales and set the OpenSea marketplace’s best single-day record for secondary sales, the issuance process has been heavily criticized for sending Ethereum fees skyrocketing — fees alone It cost $180 million.
Major collectors described the moment as a “nightmare scene” and called the series’ creator Yuga Labs’ reaction “indifferent.”
As part of its response, Yuga Labs suggested that the growing apecoin ecosystem (APE) should be moved from the Ethereum mainnet to a specific blockchain to minimize fees for future releases.
Some believe that the Ethereum scaling solution would be better if the ApeCoin DAO (a decentralized autonomous organization) voted for this migration.
Ava Labs has another suggestion: Why not use the Avalanche network?
The team responsible for Avalanche, one of the major blockchain ecosystems competing with Ethereum, submitted its proposal to the ApeCoin DAO this week.
A DAO is an online community focused on a common goal or opportunity, often with a governance model that includes tokens. APE token holders can vote on decisions related to the ecosystem.
Ava Labs plans to see the Otherside ecosystem and apecoin migrate to Avalanche, taking advantage of its faster, cheaper transactions, and its unique “subnet” feature that’s ready for gaming.
Emin Gün Sirer, founder and CEO of Ava Labs, tweeted: “Apecoin will be great as a subnet of Avalanche and will benefit from the superior performance of its particular blockchain in the fastest consensus protocol.” And the token will have an additional use case that will help its regulatory and market position.”
ApeCoin would be great as an Avalanche subnet and benefit from the superior performance of its private chain on the fastest consensus protocol. And the token will have an additional use case that will help its market and regulatory stance. https://t.co/UxI2eo3vx9
— Emin Gün Sirer 🔺 (@el33th4xor) May 24, 2022
in an interview decrypt, Strategy Director Phillip Liu and Ava Labs Head of Gaming Ed Chang outline why they believe Avalanche is the best option for moving Bored Apes Metaverse and apecoin tokens, and how they see this potential process happening. .
“Regarding the speed of getting a network up and running, Avalanche subnets could be a solution to allow the Ape community to create their own custom networks,” Liu told decryptsaid Avalanche is “the fastest, most stable and reliable technology.”
Ava Labs’ proposal details what the company sees as the potential benefits of connecting Avalanche, from high transaction processing and low fees to Avalanche’s integration with the Ethereum Virtual Machine (or EVM) to facilitate the transition process.
Ava Labs also provides technical support, possible funding, education and marketing programs.
Subnets are a feature unique to Avalanche that have recently received attention. Basically, subnetting allows a project to have a specific location that operates under the security of the Avalanche blockchain, albeit a custom specific blockchain.
On the subnet, most of the activity on the Avalanche blockchain (and possible congestion) will not affect games or applications – so games that depend on many transactions or applications on the subnet will not harm Avalanche’s mainnet resources.
Additionally, subnets can choose which coin to use to pay for gas, and if apecoin migrates to Avalanche, it can be used that way.
Apecoin was created to move the entire ecosystem of games and applications outside of Otherside, which itself may be based on Bored Apes’ popular huge metaverse experience. Chang sees subnets as a perfect fit for this nascent crypto gaming and entertainment ecosystem.
“They’re not just looking at how to make games. They’re looking to develop a whole platform,” explains Chang decrypt. “Looks like that’s a good match for what we have here.”
Introduce the proposal
It’s unclear how this will happen. Following the Otherdeeds launch, Yuga Labs tweeted that it would “encourage DAOs” to explore initiatives to migrate apecoin to specific blockchains. However, Otherside is not controlled by the ApeCoin DAO, but is a Yuga Labs project built around apecoin. Therefore, Yuga has no control over the ApeCoin DAO.
Ava Labs’ proposal is primarily focused on Otherside, but if Yuga Labs wants to run the game on another blockchain or an Ethereum scaling solution, the decision won’t be made through the token’s governance voting system.
Still, Liu suggested the proposal as a way for people to discuss the idea and get feedback on the proposal. Ava Labs has yet to communicate directly with Yuga Labs, but Liu and Chang told decrypt Positive feedback has been received from the Bored Apes community.
“From these initial proposals and some of the conversations we had with people we knew in the community were very productive,” Chang said. “We’re excited to continue on this path.”
Avalanche isn’t the only blockchain platform looking to join the Bored Apes community.
On Friday (27th), Immutable X (a scalability solution for Ethereum) put forward its own ApeCoin DAO proposal, suggesting that apecoin should remain in the Ethereum ecosystem while offering benefits such as IMX token bonuses, technical support, and more.
If the response to the Ava Labs proposal is any indication, keeping apecoin in the ethereum world is important to some proponents. The Ethereum mainnet may not be suitable for the high transaction volume and Metaverse world that NFTs started, but BAYC started in this industry – Ethereum still has the most valuable NFT ecosystem.
This month, Ethereum’s scaling solution Polygon, Announce It integrates with apecoin, making the token usable between applications developed on Polygon. However, the network has yet to announce whether there are any bridge plans related to the BAYC ecosystem.
Flow, another blockchain besides Ethereum, may also be trying to get the attention of the ApeCoin DAO. Mik Naayem, co-founder and commercial director of Dapper Labs told coin table Who is debating the Ethereum migration with The DAO. Dapper created the Flow blockchain after his CryptoKitties had scalability issues.
Either way, it could be an uphill battle for any blockchain platform trying to convince Ethereum extremists that a non-blockchain migration is worthwhile and feasible.
For Ava Labs and Avalanche, Chang said education may be the answer, as those involved in Ethereum may not understand how Avalanche is different. However, he also said that they could be “more creative” in bridging, considering a partial transition to Avalanche and leaving some Bored Apes NFTs on Ethereum.
“It doesn’t have to be all-or-nothing at the beginning,” Chang said. “If you will, we always have a way to work with the team to make this transition more enjoyable — even for the etheric extremists.”
*Translated by Daniela Pereira do Nascimento with permission Decrypt the website.