Following one of the largest non-fungible token (NFT) mints in history and after apecoin transactions from the sale fueled Ethereum network fees, apecoin is now integrated with the Polygon (MATIC) network. On May 2, the Apecoin project announced that with Polygon support, APE is now available via MATIC’s 19,000 decentralized applications (dapps) and games.
Apecoin Is Now Supported by Polygon, Apecoin DAO Board Member Says Separate Apecoin Network Proposal Would Need to Use the AIP-1 Process
Three days ago, Bitcoin.com News reported on the Bored Ape Yacht Club-centric Otherside metaverse land sale which has been the largest NFT collection in terms of sales during the last seven days.
Week-long statistics from cryptoslam.io show Otherdeed has seen $721,337,124 in sales to date. Moreover, the crypto token apecoin (APE) and its transactions during the sale, pushed ether gas fees significantly higher during the metaverse deed sale.
The Bored Ape Yacht Club (BAYC) creators, Yuga Labs, said at the time that it “seems abundantly clear, that Apecoin will need to migrate to its own chain in order to properly scale.” However, instead of a separate Apecoin network, the token built on Ethereum is now integrated with Polygon and an Apecoin DAO board member said there might not be a separate Apecoin blockchain.
1/ Following the @OthersideMeta mint we saw a series of reactions & discussions in & around the @apecoin community including that $ape should move to its own chain to limit issues with gas fees & scaling. Let me step back and provide some clarity & context https://t.co/FdgznVeMr8
— Yat Siu (@ysiu) May 3, 2022
Apecoin DAO board member Yat Siu stressed: “no discussion was had either at the [Apecoin] board level or with any other parties (including [Yuga Labs]) of a possible apechain; this is a completely new idea to us.” Yat Siu further added:
As with all [Apecoin] DAO initiatives, any decision to consider building a chain can only be done with the consent of the [Apecoin] community through [AIP-1: DAO proposal process]. Various L1 & L2s have signaled that they will submit a proposal to the DAO. Any received proposals will go through the standardized governance process outlined on the official site.
Apecoin Taps an All-Time Price High, Apecoin DAO Board Member Mentions Animoca Brands’ Stake in Apecoin Projects
The Polygon integration also follows apecoin’s recent all-time price high on April 28, 2022, six days ago. APE tapped an all-time high against the U.S. dollar at $26.70 per unit and APE is down 42% since then. Despite the weekly drawdown, APE is up 24% during the last 30 days and it holds the 32nd largest market cap among 13,388 cryptocurrencies in existence.
At the time of writing, APE’s market valuation is $4.35 billion and the coin has seen $2.58 billion in 24-hour trade volume. The APE market cap represents 0.23% of the $1.84 trillion crypto-economy this week. The Apecoin DAO board member Yat Siu also detailed that Animoca Brands is an investor in many Apecoin-related L1 or L2s.
“[Animoca Brands] as a significant investor in many L1 or L2s will also not be voting on any decisions of potential L1 & and L2 collaborations in which it has a material stake,” the Apecoin DAO board member concluded. Presently, there are 3.9K Apecoin DAO members involved with the governance process, according to apecoin.com stats.
What do you think about apecoin support on Polygon and the recent commentary from Apecoin DAO board member Yat Siu? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman