Avalanche and Flow Show Concern Regarding ApeCoin Migration

Avalanches and floods show concern over the transport of ApeCoin – Mail Bonus

The company behind the Bored Ape Yacht Club NFT line is in talks with track 1 suitors as the idea explores the future of Ethereum.

CoinDesk has found that both Yuga Labs and ApeCoin DAO executives are open to advice on transferring ApeCoin from Ethereum following the Yuga Labs Uncompromising Symbol (NFT) coin for its “Otherside” metaverse land auction, which cost investors more than $ 100 million. in transaction fees.

Avalanche and Flow are two prospective bidders, according to executives at both networks. Both blockchains believe that they are better placed to sustain large-scale NFT ecosystems, such as Yuga.
Yuga Labs first suggested a possible ApeCoin move at the end of the Twitter thread on April 30, and “encouraged” the APE-based Distributed Independent Agency (DAO) to consider it.

According to ApeCoin Foundation sources, the government had not previously considered switching to a new layer 1, but the tweet sparked a debate among DAO members about the forthcoming migration.

Although the DAO board is not “really looking” for new chains, the source claims that it acknowledges its commitment to carry out DAO requests, including chain transfers if a proposal is approved.

ApeCoin’s board members include Reddit founder Alex Ohanian, Animoca Brands chairman Yat Siu and FTX game director Amy Wu.

DAO has voted on 11 different proposals since the beginning of March. Yuga Labs did not respond to CoinDesk’s request for comment on its impact on decision-making.

FLOW and the AVAX case

In the case of Avalanche Transfers, Yuga’s ecosystem could exist on its own subnet, a technology that allows you to separate the applications of a single application without confusing the wider network.

Avalanche pledged $ 290 million in March to lure subnets, but talks with Yuga are still in their infancy.

Kevin Sekniqi, founder and CEO of Ava Labs, told CoinDesk: “We have had some early conversations with Yuga about subnets and we have our proposal ready to go.” “As the asset auction revealed, large-scale NFT ecosystems require a scalable environment.

With the NBA Top Shot, which handles tens of thousands of trades every day, blockchain Flow demonstrated its ability to control large trades.

Following the well-known CryptoKitties NFT event, which temporarily stifled Ethereum in a similar vein to Otherside sales, Dapper Labs, the company behind Flow, set up a blockchain to meet similar demand.

“We have had some discussions with people who are board members [of ApeCoin DAO]”And I think it will come down to voting,” Mik Naayem, Dapper Labs’ chief business officer, told CoinDesk. “CryptoKitties had similar challenges and I think Flow was a great home for [ApeCoin]but there is still a lot of assets to be identified on Ethereum.

pros and cons

Lower transaction costs, faster network speeds, the ability to pay APE gas taxes, and other benefits of Yuga moving its ecosystem into its chain are obvious. However, there are obvious concerns that could develop in the wake of the change, such as what the company would do with all of its current Ethereum assets, which are valued at more than $ 1 billion.

Even with the chain, there might be some concerns. Many consider Axie Infinity, a popular game to earn, to be a warning story about migration, as the game-oriented Ronin network was recently abused for 625 million dollars. Crabada, on the other hand, has emerged as a promising Web 3 game success due to its own Avalanche subnet.

According to Naayem of Dapper Labs, the decision to transfer chains will be made by members of ApeCoin DAO, which Yuga has indicated it has no control over but will no doubt have an impact on.

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About Humano

He is a freelance writer based in Turkey. He loves NFT, football, movies and technology.

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