Summary:
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.
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.