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Avalanche Offers To Accept ApeCoin Migration From Ethereum

Avalanche Offers To Accept ApeCoin Migration From Ethereum Altcoin News
  • Avalanche posted a pitch on the ApeCoin forums about “Otherside.”
  • Avalanche suggests launching “Otherside” on an Avalanche Subnet.
  • The pitch is in response to the recent problematic Otherdeed NFT minting on Ethereum.

On May 25, Avalanche posted a pitch on the ApeCoin forums about making “Otherside” into an Avalanche Subnet. At the time of writing, the topic has 2.7k views, 50 likes, and 26 votes. In the thread, users were divided between launching Otherside on an Avalanche Subnet or sticking with Ethereum. The topic will automatically close within seven days.

According to the forum post, Avalanche’s proposal is the following: “We propose that ApeCoin DAO launches Otherside on an Avalanche Subnet to support Otherside’s future community growth through rapid transaction processing, higher throughput, greater ability to scale and lower gas fees.”

Ava Labs is helping the most ambitious teams in crypto build subnets for hundreds of applications… The ApeCoin community deserves the best underlying technology and engineering support the Web3 space has to offer. We invite you to build with us.

In terms of the pitch, Ava Labs Co-Founder and Chief Operating Officer Kevin Sekniqi told a reliable source, “We’ve had some early discussions with [ApeCoin DAO] about subnets, and we’ve certainly got our pitch ready to go… We all saw it with the land sale, NFT ecosystems of that size need to exist in a scalable environment.”

The pitch to make Otherside an Avalanche Subnet came as a result of the recent Otherdeed NFT minting debacle with Ethereum. The Otherside metaverse land sale ended up costing investors over $100 million in transaction fees – with plenty of those transactions even failing.

As a result of the problematic minting, Yuga Labs’ official Twitter account tweeted out a thread addressing the issue. Yuga Labs claimed that the unprecedented size of the mint was caused by its high-demand NFT collection, resulting in Etherscan’s crash. The thread also addressed that ApeCoin will need to migrate to its own chain to prevent such problems in the future.

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Vanmarc is a writer for trade and hobby, as well as a business management graduate. He's currently on a journey to explore the intricacies of the crypto industry; and what better reason to do research than to write about it?