ApeCoin, the cryptocurrency of the APE Ecosystem which includes Bored Ape Yacht Club and Mutant Ape Yacht Club is looking to hop blockchains. Currently, ApeCoin is on Ethereum but the ApeCoin DAO is looking to migrate potentially to Avalanche or Flow.
The decision to switch from Ethereum to an alternate layer-1 comes after the launch of the Otherside metaverse. Last month, Yuga Labs, the company behind ApeCoin, launched minting of Otherdeeds, for virtual land pieces on Otherside. This resulted in over $320 million in sales on the first day of launch. However, due to overwhelming traffic on the Ethereum blockchain, transaction fees skyrocketed. Users complained about fees reaching $2,000 per transaction, even if transactions weren’t processed.
Due to the transaction problems, the ApeCoin DAO is looking to shift away from Ethereum according to Coindesk.
Need For Ape’s Own Chain
On May 1, Yuga Labs’ official Twitter handle first brought up the…
