Bored Ape Yacht Club speaks with Avalanche and Flow after Otherdeeds fails to launch on Ethereum | APEcoin, Avalanche, Bored Ape Yacht Club, Flow

After the failed launch of Otherdeeds on the Ethereum blockchain, the creative teams behind Bored Ape Yacht Club and ApeCoin may be exploring alternative blockchains.

ApeCoin DAO and Yuga Labs are reportedly in talks with Ava Labs and Flow Foundation to explore the possibility of moving away from Ethereum.

ApeCoin is exploring scaling options

After Yuga Labs’ Otherdeeds failed to launch on Ethereum, Bored Ape Yacht Club creator and DAO ApeCoin seem to be seriously considering exploring other blockchain options.

According to a Tuesday post by CoinDesk, ApeCoin DAO is in talks with Avalanche’s Ava Labs and Flow’s Flow Foundation to discuss scaling solutions.

According to an anonymous source, the board of the ApeCoin foundation had not actively considered exploring other blockchains besides Ethereum until the sale of the Otherside virtual land took place. The sheer volume of demand has caused a major network bottleneck, with users rushing to mine NFTs from Otherdeeds, highlighting Ethereum’s long-discussed scaling issues. Some users have spent over $7,000 on transaction fees alone, bringing the total fees to over $100 million. Many transactions failed, but Yuga Labs has since refunded those involved.

Yuga Labs acknowledged the issues in a May Day tweet.immediately after the currency ran out, stating that it was “quite clear that ApeCoin will need to migrate to its own chain in order to scale properly“. She also added that she would “encourage the DAO to start thinking in that direction.”

The anonymous source said Ava Labs and the Flow Foundation were in direct talks with Yuga Labs, but one of its co-founders, Greg Solano – better known as Garga.eth – has since denied this claim.

Avalanche is a Proof-of-Stake blockchain that boasts high transaction throughput and compatibility with the Ethereum virtual machine. These properties made Avalanche a buoyant space for DeFi in late 2021 and allowed its token, AVAX, to soar above $134 during the market peak in November. However, AVAX is trading today at $33 amid tough market conditions.

While Avalanche has established itself as a contender in DeFi, Flow is best known for its role in the NFT space, powering the hugely popular NBA Top Shot collection and functioning as one of Rarible’s leading blockchains. . Its token, however, has been more or less in decline since April 2021, after hitting an all-time high of $39. A FLOW is trading today for just under $3.

The value of ApeCoin has also fallen since the launch of Otherside, which necessitated the purchase of ApeCoin. It peaked at around $26 closer to launch and is now trading near $9.

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