ApeCoin merges with Polygon amid NFT mint backlash

Yat Siu, an ApeCoin DAO board member, stated that there is presently “no discussion” about an exclusive chain for APE.
Following the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting issue, which fueled speculation about a new chain for APE, ApeCoin (APE) revealed its integration with Ethereum (ETH) sidechain Polygon (MATIC).

Yuga Labs, the developers of the Bored Ape Yacht Club NFT collection, launched the minting for Otherdeeds NFT land on Sunday. With an estimated $300 million(R4.7 bn) in sales, the drop received great support from its community. Despite this, the drop encountered a number of difficulties, including driving ETH gas fees to new highs, resulting in users paying between 2 and 5 ETH for gas.

As a result, individuals who failed to mint NFTs but still paid ETH gas fees were upset and aired their displeasure on Twitter, with some even tweeting that they are withdrawing from their APE-related investments.

While Yuga Labs agreed to reimburse their gas, some users thought that the incident was a premeditated marketing stunt, such as emphasizing an issue before unveiling a new APE chain. An ApeCoin decentralized autonomous organization (DAO) representative, on the other hand, rejects this.

Yat Siu, an ApeCoin DAO board member, clarified that this was not the case. While Yuga Labs encourages the DAO to consider migrating to a new chain, Siu reported that there was no discussion on the feasibility of an APE chain among the DAO’s board members or with other stakeholders.

Despite the clarification, some are still not convinced and are dissatisfied with the outcome of the event. According to Twitter user MetaMan, the event’s organizers should just say that they messed up and that the event was a horrible idea.

The event also resulted in the burning of 55,817.39 ETH ($158 million)(R2.5 bn), putting Otherdeed NFTs atop the ETH 7-day burn leaderboard and boosting the Ethereum network’s burn to a new all-time high of 70,000 ETH.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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