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Yuga Labs Proposes that Apecoin Build its Own Chain, After Otherside Mint Slows Down the Ethereum Network

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Yuga Labs Proposes that Apecoin Build its Own Chain, After Otherside Mint Slows Down the Ethereum Network

Summary:

  • Yuga Labs has proposed that Apecoin build its own chain
  • This is after the Otherside Metaverse mint caused congestion on the Ethereum network
  • The public sale of 55k Otherdeed NFTs was sold out with more than $300 million raised
  • Roughly 64k Ethereum was consumed in transaction fees during the mint

Yuga Labs, the creators of the Bored Ape Yacht Club NFT project, has proposed that the Apecoin DAO create its own chain after yesterday’s Otherside Metaverse mint caused congestion on the Ethereum blockchain network.

The team at Yuga Labs suggested an Apecoin Chain in a six-part Twitter thread in which they also pointed out that the mint had high demand, thus bringing with it unique challenges.

Initially, they had hoped that the challenges would be lessened through ‘a rigorous gating mechanism in the form of an on-chain KYC, a max mint of 2 per KYC’d wallet, and a significant clearing price at 305 ApeCoin.’

However, the NFT mint proved to be possibly the largest in Ethereum’s history, consuming a lot of ETH in gas, crashing Etherscan, and exceeding everyone’s expectations. As a result, Yuga Labs came to the conclusion that an Apecoin Chain was perhaps the best solution, as seen in the following Tweet.

We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) May 1, 2022

Otherside Mint Was Quickly Sold Out, Raising $300 Million, and Spending 64k ETH in Transaction Fees

Besides the bottleneck of transactions on the Ethereum network caused by the Otherside Metaverse mint, the event resulted in the initial 55k Otherdeed NFTs being sold out, as explained by the team through the following statement.

The Otherdeed NFT mint is sold out – we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens.

Additionally, Otherdeed NFTs sales during the mint raised more than $300 million (16,775,000 Apecoin) and burned a record-breaking 64k Ethereum in transaction fees.

Yuga Labs Proposes that Apecoin Build its Own Chain, After Otherside Mint Slows Down the Ethereum Network 15
Almost 64k Ethereum was spent in transaction fees during the Otherside mint. Source, Etherscan.io

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Ethereum

Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

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Avalanche Submits AIP to ApeCoin DAO to Launch Otherside as a Subnet on its Blockchain

Summary:

  • Avalanche has submitted an Apecoin Improvement Proposal to the Apecoin DAO to migrate the Otherside metaverse as a subnet on its blockchain.
  • The team at Avalanche points out that the AVAX chain has ‘rapid transaction processing, higher throughput, greater ability to scale and lower gas fees.’
  • Apecoin subnet will have its own customizable Ethereum Virtual Machine (EVM) execution environment.
  • The proposal has elicited mixed reactions from those for it and those who believe moving away from Ethereum is a bad idea.

The team behind Avalanche has followed through with talks of migrating APE to its chain by submitting an Apecoin Improvement Proposal to the Apecoin DAO. The proposal suggests that the Avalanche blockchain is best suited to handle the demands of the Apecoin Otherside Metaverse.

Furthermore, Otherside will be launched as a subnet on Avalanche, as explained below.

The ApeCoin Community needs a blockchain that can ensure Otherside is a smooth, low-fee experience driven by the APE token.

Avalanche Subnets deliver the necessary speed, security, low fees, and customizability for the ApeCoin community to future-proof its infrastructure for its millions of community members. Ava Labs team will provide technical support and expertise to ensure a seamless transition.

An Apecoin Subnet on Avalanche Would Dramatically Increase Speed and Reduce Gas Fees

In addition, the AIP to migrate Apecoin to Avalanche reiterates that an Avalanche subnet would dramatically increase the speed of the metaverse while at the same time reducing gas fees and avoiding scenarios of very high transaction costs, such as those witnessed during the OtherDeed mint.

Apecoin Subnet to Have its Own Customizable Ethereum Virtual Machine (EVM) Executing Environment

The team at Avalanche goes on to explain that the ApeCoin subnet could have its own customizable Ethereum Virtual Machine (EVM) execution environment ‘which will allow developers to easily deploy metaverse assets, games, marketplaces and more.’

Avalanche AIP To Migrate Apecoin Elicits Mixed Reactions from the BAYC and Apecoin Communities

Avalanche’s proposal to migrate Apecoin to a subnet on its blockchain has gathered mixed reactions from the Bored Ape Yacht Club and APE communities.

Some community members believe such a migration would be ideal for the Otherside metaverse, while others suggest that a move to an Ethereum layer 2 chain makes more sense. Below is a sample of some of the responses.

In the proposal, everyone except for one guy is stating the obvious: it’s a bad idea, nobody wants to move their liquidity off Ethereum, and rollups are superior – by @Swagtimus on Twitter.

I disagree. We should not move out of Ethereum ever. We should search for an L2 solution on Ethereum. – by monomesa on the Apecoin Forum.

An $APE powered subnet makes a lot of sense…A subnet comes with affordable fees, high throughput, and rapid development, plus funding and tech support from Ava Labs. It’s too smart. – by punk2513 on the Apecoin Forum.

The proposal will kill the project. – by ASEC on the Apecoin Forum

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Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

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Polygon (MATIC) Entices Terra Projects to its Chain with the Launch of an Uncapped Migration Fund

Summary:

  • Polygon (MATIC) has launched an uncapped fund to assist Terra projects willing to migrate to its chain.
  • Financing of the fund will come from $450 million already raised by Polygon, its treasury, and a $100 million ecosystem fund.
  • Polygon is willing to deploy more capital for Terra projects migrating if needed.
  • The fund’s launch comes in the wake of the Terra community agreeing to plans for the new blockchain of Terra 2.0.

As the UST depegging and LUNA inflation saga continues to rock the crypto-verse and traditional finance circles, Polygon has kickstarted the process of assisting Terra developers and projects willing to migrate to its chain.

According to a report by TechCrunch, Polygon (MATIC) has launched a ‘relatively uncapped multi-million dollar fund’ aimed at assisting Terra projects with the process of migrating to its blockchain. Financing for the fund will come from the $450 million previously raised by Polygon, its treasury, and a $100 million ecosystem fund.

Polygon Studios CEO, Ryan Wyatt, told Techcrunch that the company is willing to deploy more capital if needed. He said:

I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so.

It’s really important we have it, because all of their circumstances are uniquely different from each other.

UST’s Collapse was Unfortunate. You Want to Figure Out How to Help These Folks – Polygon Studios CEO

With respect to the recent depegging and collapse of TerraUSD (UST), Mr. Wyatt defined the event as ‘unfortunate on so many different levels.’ Additionally, the collapse of UST had a significant impact on the entire Web3 industry, and one way of solving it was ‘to figure out how to help these folks.’

Terra Proposal 1623 Passes, new Terra Chain to Launch on May 27th

Polygon announcing an uncapped fund to assist Terra projects willing to migrate to its chain comes on the backdrop of the Terra Community passing proposal 1623 to launch a new Terra Chain (LUNA) that will co-exist with the old Terra Classic (LUNC) that was impacted by the UST depegging.

1/ Terra 2.0 is coming.

With overwhelming support, the Terra ecosystem has voted to pass Proposal 1623, calling for the genesis of a new blockchain and the preservation of our community.

— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 25, 2022

At the time of writing, the crypto exchanges of Bitrue and Huobi have announced support for the new chain and will go on to list the new digital asset of LUNA, expected to launch on May 27th. Furthermore, both exchanges are working out the details of the potential subsequent airdrop of LUNA tokens to Terra Classic (LUNC) holders.

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A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

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A Ripple IPO Could be a Possibility After the SEC Lawsuit, Says Brad Garlinghouse

Quick take:

  • Brad Garlinghouse has stated that Ripple could consider the possibility of an IPO after the SEC lawsuit.
  • Rumors of a Ripple IPO have been circulating in the crypto-verse from as far back as 2020.
  • XRP continues to be a top ten digital asset according to market capitalization, and a conclusion of the SEC lawsuit could rekindle interest in the digital asset.

Ripple CEO, Brad Garlinghouse, has stated that the company could consider an IPO after the ongoing SEC lawsuit ends. Mr. Garlinghouse shared the possibility of a Ripple IPO during an interview with CNBC at the ongoing World Economic Forum in Davos, Switzerland.

During the interview, Brad Garlinghouse was asked whether a Ripple IPO was on the cards for the company at some point. Mr. Garlinghouse’s response was as follows:

I think we want to get certainty and clarity in the United States with the U.S. SEC. You know, I’m hopeful that the SEC will not slow that process down any more than they already have.

But you know, we certainly are at a point in scale, where that is a possibility. And we’ll look at that once we’re past this lawsuit with the SEC.

Talk of a Ripple IPO Date Back to Early 2020

To note is that talk of a Ripple IPO date as far back as January 2020. Back then, there was still no regulatory clarity as to whether XRP was a security or not. The same question remains today and is at the center of the ongoing lawsuit by the SEC against Ripple.

The SEC lawsuit claims that Ripple, Brad Garlinghouse, and Chris Larsen carried out an unregulated securities offering by selling $1.3 billion worth of XRP to retail investors without providing adequate disclosures about their core business.

Ripple’s Business Continues to Grow Outside the USA

However, Ripple’s hurdles in the United States have not impeded its growth outside the country. In the same CNBC interview highlighted above, Brad Garlinhouse explained that the company’s growth is mainly outside the US. But the outcome of the SEC lawsuit could provide the regulatory clarity needed for its business to catch on in the United States.

XRP Continues to be a Top Ten Digital Asset

Despite the ongoing SEC lawsuit, XRP remains a top ten digital asset in terms of market capitalization.

According to Coinmarketcap, XRP is ranked sixth with a market cap of $19.453 billion and a value of $0.40 amidst the ongoing crypto-market meltdown that has seen Bitcoin struggling to maintain a level above $30k.

The conclusion of the Ripple vs. SEC lawsuit could also boost the value of XRP as the digital asset stands to benefit from potential relisting on various crypto exchanges.

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