Yuga Labs’ ApeCoin sets sail on Polygon

Monkeys set sail on Polygon – ApeCoin is a cryptocurrency launched by Yuga Labs, the company behind the NFT Bored Ape Yacht Club. Launched last March, it quickly attracted the interest of the community. However, after the chaotic launch of the Otherside plots on Ethereum, the ApeCoin sets sail to Polygon.

Otherside: a chaotic launch

On April 30, Yuga Labs unveiled the NFTs making up its metaverse, long awaited by the community. In total, these are 55,000 virtual plots of land which have been put up for sale. These were sold for 305 ApeCoin each, which brought in 16.7 million ApeCoin, i.e. $317 million to Yuga Labs.

Obviously, the Ethereum network has experienced significant congestion, in the face of the hype encountered by the project. So well, that the gas costs have reached record amountsranging up to 8,000 gwei.

These surges in gas prices have angered users. Thus, many developers have criticized the lack of care given to the smart contract used for sale.

At the same time, several rumors circulated according to which Yuga Labs was preparing to migrate the project to its own layer 1 blockchain. Worse, some even went so far as to say that they had deliberately blocked this sale to promote their blockchain.

A rumor quickly denied by Yat Siu, member of the DAO of ApeCoin.

“No discussion has taken place, either at the level of the apecoin board of directors or with any other party (including Yugalabs), of a possible apechain; this is a totally new idea for us”

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ApeCoin joins Polygon

Finally, it seems that ApeCoin was indeed considering a migration, but not to its own blockchain.

Indeed, Monday, May 2, the network Polygon announced the addition of ApeCoin to its blockchain. Thus, users will now be able to send their ApeCoin to Polygon and then use them within its application ecosystem.

Announcement of ApeCoin support on Polygon – Source: Twitter.

We will now have to wait for new announcements to find out if the Bored Ape Yacht Club and the other Yuga Labs NFTs will also have the possibility of migrating to Polygon.

At the same time, Yuga Labs has not yet really announced the blockchain on which its metaverse will be developed. Although Ethereum seemed like a logical choice, they may well prefer the Polygon blockchain.

Indeed, it is closely linked to Ethereum while having much cheaper transaction fees than the latter.

The enthusiasm encountered by projects like those of Yuga Labs is pushing more and more brands to make the switch to NFTs. Thereby, Nike or Louis Vuitton have recently set foot in the metaverse with the creation of NFT.

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