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The boring Ape Yacht Club (BAYC) crashes Ethereum with Other Side Mint. Will ApeCoin (APE) find a new home?
Key Point
- BAYC made history in various ways with the first Otherside NFT Mintha. This has the potential to have a significant impact on the future of Ethereum and ApeCoin.
- Since Ethereum cannot handle BAYC ventures, the only option for ApeCoin migration could be a new dedicated blockchain.
Yuga Labs made a big wave this weekend on the first other side, the next Metaverse project, Mentha. The Ethereum network is crushed as a large number of transactions are the bottleneck as so many BAYC enthusiasts are eager to get one of the 55,000 non-fungible token land certificates. Did. Currently, Yuga Labs is exploring blockchain changes in the future. What did BAYC do to break Ethereum? What does the blockchain shift mean for APE in the future?
crash
Seemingly the largest NFT mint to date, Ethereum’s gas prices have skyrocketed and many have paid a fair amount to mint on gas alone. By the end of the auction, people engaged in NFT mint spent more than $ 120 million on transaction fees alone by participating in this mint. The bottleneck caused by the other side auction also had a significant impact on the operation of other Ethereum-based services, causing Ethereum’s transaction tracker Ethereum to crash completely.
Many users have noticed that they pay a large transaction fee just because the transaction fails. The Ethereum blockchain itself can undergo major changes due to a major crash that affects so many operations on the Ethereum network. The company behind BAYC, Yuga Labs, has expressed its intention to compensate victims of such failed transactions, but no specific plans have yet been revealed. Meanwhile, Yuga Labs has already begun planning to leave Ethereum. Will they participate in other Ethereum-based projects?
APE’s new blockchain
After the crash, Yuga Labs posted on Twitter, apologizing to the community for blacking out Ethereum and stating their plans for the future. These posts show that APE, a token supported by Yuga Labs, needs to be migrated to another blockchain in order to “scale properly”. Yuga Labs encourages ApeCoin DAO, the group responsible for ApeCoin decision making, to begin brainstorming on migration. With a blockchain as powerful as Ethereum cracking with the weight of BAYC ventures, it can be difficult to find another blockchain that is willing to take on the same kind of volume in future BAYC projects.
Yuga Labs may need to develop a blockchain specifically for ApeCoin if there is no other choice. Will this change bring a new surge to APE, or will the departure from Ethereum lose investor confidence? Investors seem skeptical now that ApeCoin has fallen about 12% to $ 15.38 in the last 24 hours.
Conclusion
Otherside NFT mint can make a big difference in ApeCoin and BAYC, but there is one thing for sure. That is, the general public wants to get BAYC’s assets. Crashes can create a lot of uncertainty about Ethereum as a whole, and the shift of Yuga Labs from the Ethereum blockchain can make a big difference to APE. The potential of ApeCoin-only blockchains could create a new wave of desire for tokens, but it’s still unclear if ApeCoin DAO will support this decision.
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