ApeCoin (APE) DAO and Yuga Labs are reportedly in talks with both Ava Labs and the Flow Foundation while investigating a possible move away from Ethereum (ETH). As Kriptokoin.com, we are transferring the details.
ApeCoin Considering Scaling Options
Following Yuga Labs’ problematic Otherside mint on Ethereum, it looks like the Bored Ape Yacht Club creator and ApeCoin DAO are getting serious about exploring alternative blockchain options. According to a report released Tuesday, ApeCoin DAO is meeting with Ava Labs and the Flow Foundation to discuss scaling solutions. The board of directors of the ApeCoin Foundation, which includes Animoca Brands President Yat Siu, FTX Game President Amy Wu, and Reddit Co-Founder Alex Ohanian, according to a source with knowledge of the matter, who asked not to be named, is holding off on other assets outside of Ethereum until after the Otherside virtual land sale. had not actively considered exploring blockchains.
Users rush to print Otherdeeds NFTs, highlighting Ethereum’s long-discussed scaling issues, while the drop in demand has caused a massive network bottleneck. Some users spent more than $7,000 on transaction fees alone, bringing the total amount spent on fees to over $100 million. Although Yuga Labs has since issued refunds to those affected, many transactions have failed. Yuga Labs acknowledged the issues in a tweet, saying it was “very clear that ApeCoin will need to migrate to its own chain to scale properly.” He also added that it would “encourage the DAO to start thinking in that direction.”
Ava Labs and Flow Foundation in talks with Yuga Labs
An unnamed source said Ava Labs and Flow Foundation are in direct conversations with Yuga Labs, but one of its founders, Greg Solano, said that He said he has since denied this allegation. Avalanche is a Proof-of-Stake blockchain that offers high throughput and compatibility with the Ethereum Virtual Machine. These features made it fertile ground for DeFi to develop in late 2021, with the AVAX token hitting over $134 as the market peaked in November. However, AVAX is trading at $33 in current market conditions.
While Avalanche has established itself as a competitor in the DeFi space, Flow is more widely known for its role in the NFT space. It powers the hugely popular NBA Top Shot collection and operates as one of Rarible’s primary blockchains. However, the token has been in a downtrend since April 2021 and has been bearish from its all-time high of $39. ApeCoin has also been losing value since the launch of Otherside.
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