Will ApeCoin DAO leave Ethereum for Flow or Avalanche?

Will ApeCoin DAO leave Ethereum for Flow or Avalanche?

Will ApeCoin DAO leave Ethereum for Flow or Avalanche?

After a problematic Ethereum NFT drop, reports have emerged that the development team behind Bored Ape Yacht Club (BAYC) and ApeCoin are believed to be looking at alternative blockchains.

Veracity of reports

Sources claim ApeCoin DAO is in talks with Ava Labs and the Flow Foundation in seeking out an alternative to Ethereum according to Coindesk. However, co-founder of Yuga Labs (which created BAYC) Greg Solano (known in the community by the handle Garga.eth), has denied any such involvement.

Despite this, Kevin Sekniqi, co-founder and chief operating officer at Ava Labs, took to Twitter to confirm that discussion between ApeCoin DAO and Ava Labs is ongoing:

“Checked internally. Ava Labs *is* in fact in talks with ApeCoin DAO. Ava Labs has *not* yet submitted proposal.”

Although not yet submitted, Sekniqi confirmed that its proposal is ready and he added that a subnet would be an obvious choice for ApeCoin DAO.

Yuga Labs had a very problematic Otherside mint on the Ethereum network. As creator of Bored Ape Yacht Club, the indications are that it would be open to exploring other blockchain options even if there is contradictory information being put out about the current claims.

In a tweet earlier this month, Yuga Labs acknowledged the issues surrounding the Otherside mint and indicated a need for ApeCoin to swing over to its own chain in order to facilitate scaling up the project. With that, it encouraged the DAO to start thinking in these terms.

It’s understood that the ApeCoin Foundation’s board hadn’t been vigorously pursuing other blockchain options until problems emerged with the Otherside virtual land sale on the Ethereum blockchain a few weeks ago. The ApeCoin board includes FTXs head of gaming, Amy Wu, Animoca Brands chairman, Yat Siu and Reddit co-founder, Alex Ohanian.

Avalanche and Flow

Avalanche is compatible with the Ethereum Virtual Machine and achieves high transaction throughput. It has gained traction over the course of the past year as a result. It’s support of subnets may be an attractive option for ApeCoin.

Flow is a developer-friendly blockchain that focuses on NFTs and gaming projects. It has been developed by Dapper Labs, the company behind NBA Top Shots and CryptoKitties. Dapper built the Flow blockchain to solve the scalability issues on Ethereum. Rather than to convince crypto natives, the Flow Foundation is looking to onboard the next billion ‘normies’.

It’s not clear which option, if any, ApeCoin DAO will take. However, it seems increasingly likely that this project and more like it don’t have the patience to rely on the deliverance of Ethereum 2.0. If, as many believe, the future involves a multi-chain world, then they wouldn’t have to leave Ethereum, but could operate over a number of chains.

At the time of publication, Exodus News is still awaiting responses to requests for comment from Ava Labs, Yuga Labs and the Ape Foundation.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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