This move was prompted by the Otherside metaverse project’s problems.
Otherside metaverse project should be relocated to Avalanche as per the proposal.
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According to a request presented by the L1 blockchain platform, ApeCoin DAO’s APE currency and its Otherside metaverse project should be relocated to Avalanche. According to the proposal, for the ApeCoin community to achieve its aim of lower gas prices and quicker network speeds, the Otherside metaverse project should be launched on an Avalanche subnet.
It has been revealed that Ava Labs, the parent company of the blockchain, will support the ApeCoin subnet in a variety of ways, including educating the APE community about subnets and providing the DAO access to its Multiverse incentive program, which is worth $290 million and even aiding in the hiring of new employees.
Mixed Support Towards the Proposal
Emin Gun Sirer, the creator of Ava Labs, claimed that ApeCoin’s transfer to Avalanche would provide the currency “an additional use case that would help its market and regulatory stance.” Avalanche made this proposal since the ultimate viability of ApeCoin DAO is dependent on Web3. As a result, “accelerated adoption for all of Web3” would unwittingly change the business if implemented.
The proposal comes less than a month after Yuga Labs argued that ApeCoin should relocate to its own chain to “properly scale.” This move was prompted by the Otherside metaverse project’s problems, which have caused millions of dollars in transaction fees by clogging the Ethereum network.
Cryptocurrency expert Polynya labelled the suggestion a “terrible solution,” while Twitter user Swagtimus argued that “nobody wants to move their liquidity off Ethereum, and rollups are superior.” In contrast, Punk2513 wrote on Avalanche’s forum that an Avalanche subnet would be ideal for APE since transaction fees would be paid in Ape, and ApeCoin and other perks would fuel the smart contract.