Wednesday, May 31, 2023

Ava Labs Wants To Move The Bored Ape Metaverse On Avalanche

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Ava Labs wants to move the Bored Ape Metaverse and the ApeCoin on the Avalanche network because it can be the right subnet to power them so let’s read more today in our latest cryptocurrency news.

Ava Labs wants to move Yuga Labs’ Otherside and ApeCoin to Avalanche. Other platforms in and out of the Ethereum ecosystem are looking to take on the Bored Ape Ecosystem. Last month’s launch of digital land plots for the Yuga Labs Otherside as an upcoming Bored Ape Yacht Club metaverse game marked a huge moment for the NFT market and it was by many accounts, a huge disaster. Even with the Otherdeeds yielding over $300 million in primary sales and pushed OpenSea to the best single all-time day of secondary tradign as the mint process was panned for jacking up the ETH gas fees to $180 million spent in total. The high profile collectors described it as a nightmare scenario and called Yuga Labs actually didn’t respond.

As a part of the response, Yuga Labs suggested that the budding ecosystem around ApeCoin can move from the Ethereum mainnet to a dedicated blockchain to minimize the fees for future drops and some think that an ETH scaling solution will be the best if the Apecoin DAO votes to pursue this migration. The core team behind Avalanche as a rival blockchain ecosystem to Ethereum, made a pitch earlier this week and shared a proposal with the Apecoin DAO. The DAO is an online community aligned with the common goal of opportunity that is a token-based governance model and the Apecoin token holders can vote on the decision for the ecosystem.

Ava Labs’ plan will see Otherside and the Apecoin ecosystem migrate to avalanche and take advantage of the speedier and cheaper transactions with the network’s unique subnets feature which is ready for the games. Ava Labs founder and CEO Emin Gun Sirer noted:

“ApeCoin would be fantastic as an Avalanche subnet, and benefit from the superior performance of its dedicated chain on the fastest consensus protocol. And the coin would have an additional use case that would help its market and regulatory stance.”

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Ava Labs head of Strategy Philip Liu and the head of Gaming Ed Chang said they believe Avalanche is in the best position to power the bored Ape metaverse and the Ape coin token but also how they see the potential process taking shape. Liu added:

“In regards to the speed to get a network upright, Avalanche subnets is probably the one solution that can allow the Ape community to spin up their own custom network.”

The Ava Labs proposal breaks down what the company sees as a potential advantage to bridging to Avalanche and ranged from the higher transaction throughput and low fees to the Avalanche support for the Etheruem Virtual Machine and ease of the entire transaction process. The subnets are a unique feature on Avalanche which gained momentum lately and it allows for projects to have a dedicated space whcih is powered by the security of the Avalanche blockchain but acts as a dedicated chain.

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