Avalanche Submits Subnet Proposal for ApeCoin DAO’s Metaverse Migration

The proposal comes weeks after Otherside faced issues on Ethereum.

AccessTimeIconMay 25, 2022 at 12:41 p.m. UTC
Updated May 25, 2022 at 8:16 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Avalanche (AVAX) developers have asked the ApeCoin (APE) community to consider building out the Bored Ape Yacht Club (BAYC) metaverse as an Avalanche subnet, a proposal shows.

The proposal argues Otherside, the BAYC metaverse, could benefit from Avalanche’s low-fee and high-speed network. Avalanche, a rival to the Ethereum blockchain, would additionally provide access to a $290 million incentive program to support development costs, the proposal added, as well as technical expertise and marketing support.

The move represents the continuation of the trend covered by CoinDesk last week: Various base layers, or layer 1s, are actively courting one of the hottest projects in the non-fungible token (NFT) space following a painful metaverse launch on Ethereum in which investors reportedly lost more than $100 million in transaction fees.

Yuga Labs, which created the BAYC and is and one of the teams behind Otherside, expressed its dismay at the time and encouraged ApeCoin holders to consider a new chain for the project.

Subnets are a scaling solution on Avalanche allowing builders to stake AVAX to build their own blockchains atop the Avalanche base layer. Metaverses, on the other hand, generally describe virtual worlds in which people can interact as they do in the real world, but digitally.

“ApeCoin would be fantastic as an Avalanche subnet, and benefit from the superior performance of its dedicated chain on the fastest consensus protocol,” Emin Gün Sirer, founder of Avalanche developer Ava Labs, said on Twitter citing the proposal.

That said, not all APE holders were in favor. “We should not move out of Ethereum ever,” the most-liked comment on the proposal read. “We should search for an L2 solution on Ethereum.”

APE and AVAX tokens are down about 2% in the past 24 hours amid nominal losses in the broader market.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Trending

2
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
4
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown