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Avalanche Offers A Proposal For Metaverse Migration Of ApeCoin DAO

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  • As per a proposal, AVAX devs have asked the ApeCoin community to consider developing a BAYC metaverse as an AVAX subnet.
  • Subnets are scaling solutions on AVAX, enabling developers to stake Avalanche to develop their own blockchains.
  • As of now, AVAX was trading at a market value of $24.15, down by 13% during the past 24 hours.

Avalanche ApeCoin To Join Hands?

Developers of Avalanche (AVAX) want to build out Bored Ape Yacht Club (BAYC) metaverse as an AVAX subnet, a proposal submitted by them indicates.

As per this proposal, the Bored Ape metaverse, Otherside can bag a lot of perks from the high speed and lesser fees ecosystem of AVAX. Avalanche, a contender to the Ethereum blockchain, would further offer accessibility to a $290 Million incentive program to back the development expenses, added the proposal, and technical specialization as well as marketing support.

This step shows the continuation of a trend. Several base layers or Layer-1s, are actively courting among the trending projects in the NFT sphere following a painful metaverse release on Ethereum where investors reportedly received damage on over $100 million in transaction fees.

BAYC creator, Yuga Labs is among the brains behind the Otherside metaverse, showed its dismay at the time and encouraged holders of ApeCoin to consider the latest chain for the project.

Subnets are basically scaling solutions persisting on Avalanche blockchain enabling holders to stake AVAX to develop their own blockchains on the top of Avalanche base layer.

Whereas if we talk about Metaverse, it is a virtual world where folks can do almost everything they do in the real world, but it is all digitally done. 

According to the founder of Avalanche Developer Ava Labs, Emin Gün Sirer, who highlighted via Twitter, ApeCoin would be fantastic as an Avalanche subnet and benefit from the robust performance of its dedicated chain on the consensus protocol that is the fastest. 

But it seems like not all the APE holders were in favor, as the most liked comment was: they should not move out of Ethereum ever. 

ALSO READ: STEPN Price Analysis: GMT plummeted nearly 14% today, is this the sign of another fall?

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