Summary:
- Yuga Labs has proposed that Apecoin build its own chain
- This is after the Otherside Metaverse mint caused congestion on the Ethereum network
- The public sale of 55k Otherdeed NFTs was sold out with more than $300 million raised
- Roughly 64k Ethereum was consumed in transaction fees during the mint
Yuga Labs, the creators of the Bored Ape Yacht Club NFT project, has proposed that the Apecoin DAO create its own chain after yesterday’s Otherside Metaverse mint caused congestion on the Ethereum blockchain network.
The team at Yuga Labs suggested an Apecoin Chain in a six-part Twitter thread in which they also pointed out that the mint had high demand, thus bringing with it unique challenges.
Initially, they had hoped that the challenges would be lessened through ‘a rigorous gating mechanism in the form of an on-chain KYC, a max mint of 2 per KYC’d wallet, and a significant clearing price at 305 ApeCoin.’
However, the NFT mint proved to be possibly the largest in Ethereum’s history, consuming a lot of ETH in gas, crashing Etherscan, and exceeding everyone’s expectations. As a result, Yuga Labs came to the conclusion that an Apecoin Chain was perhaps the best solution, as seen in the following Tweet.
We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.
— Yuga Labs (@yugalabs) May 1, 2022
Otherside Mint Was Quickly Sold Out, Raising $300 Million, and Spending 64k ETH in Transaction Fees
Besides the bottleneck of transactions on the Ethereum network caused by the Otherside Metaverse mint, the event resulted in the initial 55k Otherdeed NFTs being sold out, as explained by the team through the following statement.
The Otherdeed NFT mint is sold out – we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens.
Additionally, Otherdeed NFTs sales during the mint raised more than $300 million (16,775,000 Apecoin) and burned a record-breaking 64k Ethereum in transaction fees.
