Avalanche Will Be The New Home For ApeCoin?
According to a request made by the L1 blockchain platform, Avalanche wants to be the new home for ApeCoin DAO’s APE coin and its Otherside metaverse project.
The Otherside metaverse project should be started on an Avalanche subnet, according to the proposal, since it will help the ApeCoin community in achieving its aim of lower gas prices and quicker network speed.
Ava Labs, the blockchain’s parent company, announced that it will promote the ApeCoin subnet in a variety of ways, including teaching the APE community about subnets, giving the DAO with access to its $290 million Multiverse reward scheme, and even assisting with new employees.
ApeCoin’s transfer to Avalanche, according to Emin Gün Sirer, creator of Ava Labs, would provide the currency “an additional use case that would help its market and regulatory stance.”
Avalanche stated that it was proposing because Web3’s performance is critical to ApeCoin DAO’s overall success. It went on to say that putting in place its “practical solution” will result in “accelerated adoption for all of Web3,” unwittingly revolutionizing the industry.
The proposal comes less than a month after Yuga Labs advised that ApeCoin needs to “properly scale” by moving to its own chain.
This move was prompted by the controversy surrounding its Otherside metaverse project, which clogged the Ethereum network, resulting in millions of dollars in transaction fees being paid.
The crypto community has reacted to Avalanche’s suggestion in a variety of ways.
Polynya, a well-known cryptocurrency researcher, branded the suggestion a “terrible solution,” while Swagtimus, another Twitter user, said that “nobody wants to move their liquidity off Ethereum, and rollups are superior.”
However, according to Punk2513’s statement on Avalanche’s forum, an Avalanche subnet is optimal for APE since transaction fees would be paid in Ape, and the smart contract would be powered by ApeCoin and other perks.
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