ApeCoin developer Yuga Labs has alluded to the possibility of moving the network outside the Ethereum blockchain to Avalanche and Flow.
The news comes after the minting of its non-fungible tokens for ‘Otherside’ metaverse land sale cost investors over $100 million in transaction fees due to high congestion.
Yuga Labs contemplated a possible ApeCoin migration towards the end of April 30 through a Twitter post. The step was reportedly influenced by a decentralized autonomous organization consisting of APE holders.
ApeCoin Foundation has reportedly not considered moving into another layer 1, but a tweet on the same has stirred conversation among DAO members about the move. The organization sees the importance of a chain migration as per the sentiments of the DAO.
The board members include Alex Ohanian, the Chairman of Animoca Brands Yat Siu, and FTX’s Amy Wu. The DAO has since voted on 11 different proposals since launching in March.