Tuesday, November 29, 2022

Avalanche Proposes BAYC’s Otherside To Move On Its Subnets

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Avalanche proposes BAYC’s Otherside to move on its subnets after Yuga Labs expressed the need for an alternative blockchain for Otherside so let’s have a closer look at our blockchain news.

Layer 1 protocol Avalanche asked ApecoinDAO to consider launching the renowned metaverse project Otherside on the Layer 2 subnet which touted the strengths in rapid transaction processing, scalability, low gas fees, and higher throughput. The blockchain project saw itself as an alternative to Ethereum upon which Otherside is built. Ethereum is known for its high gas fees to prevent a broader level of adoption and less than a month ago, the Otherside drop congested the network which made users pay more than $175 million in ETH for gas fees on the first day of the launch.

Avalanche proposes BAYC’s otherside to move on the subnets in a migration plan, arguing that the low-fee and high-speed network will help it. The so-called Ethereum killer stated that migrating to the subnet can dramatically increase speed to finality while reducing the gas fees and enabling better user experiences for the Otherside metaverse. Avalanche stated that the ApeCoin community can access a $290 million incentive program that is designated to support the users and the development costs so the blog post outlined that the plan will be executed simply by noting that the subnets are meant to allow users to create customized blockchains by staking AVAX that will allow for gas fees paid in APE that is compatible with Ethereum Virtual Machine:

“Subnets allow for unmatched flexibility with gas fees paid in APE, accruing value to the ApeCoin subnet and APE holders. ApeCoin Subnet can have its own customizable Ethereum Virtual Machine (EVM) execution environment which will allow developers to easily deploy metaverse assets, games, marketplaces, and more.”

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The Avalanche Labs founder and CEO Emin Gun Sirer tweeted that the migration can broaden the ApeCoin use cases and will incentivize a deeper level of adoption. Yuga Labs acknowledged high transaction fees as the main barrier to hosting renowned projects like Otherside. The giant encouraged Apecoin holders to consider a new L1 blockchain for the project and address the scalability issue. However, a  few community members discussed the proposal on the governance form and suggested that Otherside could stay on ETH and examine Layer 2 solutions that are built on the network. Apecoin DAO has no power to decide where Otherrside will reside and only Yuga Labs can make the decision but so far Labs hasn’t commented on the offer.

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