Avalanche is excited to be the new platform for ApeCoin DAO’s APE token and its Otherside metaverse project. This is in line with a proposal from the first layer blockchain platform. This change would be beneficial as it would help the ApeCoin community work towards cheaper gas rates and faster network speed.
Features of Blockchain Avalanche
Avalanche is a first-layer blockchain that presents itself as a faster and cheaper alternative to Ethereum. It is compatible with the Ethereum Virtual Machine (EVM), a computing environment used by Ethereum applications.
Second, Avalanche allows individual applications to form their own blockchains called subnets or subnet in French. These subnets can have different security levels. Blockchains can use their own native tokens for transaction fees.
Project Avalanche team recommended ApeCoin DAO teams to implement as: subnet on the blockchain. This subnet can easily focus on metaverse and NFT themes. In case this proposal sees the light of day, it will follow another great community, the game Play to earn DeFi Kingdoms.
Avalanche’s convincing pitch
ApeCoin represents an Ethereum token used in the Otherside metaverse, as well as the Bored Ape Yacht Club NFT collection. Ava Labs CEO Emin Gün Sirer and Chief Strategy Officer Philip Liu Jr. showed Avalanche’s interest in convincing ApeCoin DAO (ApeCoin’s governing body).
† We propose that ApeCoin DAO launch the Otherside metaverse on a subnet of the Avalanche blockchain. This is intended to support the future growth of the Otherside community through fast transaction processing, higher throughput, greater scalability and lower gas rates.Avalanche said in his pitch.
Possible migration issues
When discussing this proposal, community members and Bored Ape users had conflicting opinions. Many members have been pushing for wanting to keep Ape Coin as part of the Ethereum blockchain. In addition, the focus should be on scalability with the available layer 2 solution. Switching to a separate network can cause problems, they say.
When selling its NFTs” opposite side Last month, Yuga Labs, a major contributor to ApeCoin DAO, complained about congestion on the Ethereum network and high gas rates. He also expressed interest in developing his own blockchain to improve scalability requirements. As Yuga Labs wants to develop its own blockchain, Avalanche had officially approached ApeCoin’s DAO.
The proposal, made on the ApeCoin DAO forum, is a very bold move. This is still in a preparatory discussion stage. We still don’t know to what extent this evolution will be adopted or not, maybe it will pass through a formal board vote. In the idea, no one today knows whether the DAO has control over the metaverse or not within the project.
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Interested in investments and financial markets after a business school in Chambéry, the passion for cryptocurrencies was apparent. The blockchain is without a doubt the universal tool of tomorrow.