ApeCoin (APE) announced its integration with Ethereum (ETH) sidechain Polygon after the recent Yuga Labs’ Otherdeeds nonfungible token (NFT) minting incident that led to speculation on a new chain for APE.
– ApeCoin (@apecoin) May 2, 2022
On Sunday, Yuga Labs, the creators of the Bored Ape Yacht Club NFT collection, opened the minting for Otherdeeds NFT land. The drop gained overwhelming support from its community, with an estimated $300 million in sales. Despite this, the drop encountered a list of issues such as pushing ETH gas fees to unprecedented highs, making users pay around 2 to 5 ETH for gas.
Because of this, users that failed to mint NFTs but still paid ETH gas fees were outraged and expressed their frustration through Twitter, with some even tweeting that they are pulling out of their APE-related investments.
While Yuga Labs promised to refund their gas, some users began to speculate that the failure was a planned marketing stunt, highlighting a problem, then announcing a new chain for APE. However, an ApeCoin decentralized autonomous organization (DAO) representative denies this.
ApeCoin DAO Board Member Yat Siu clarified that this is not the case. While Yuga Labs encourages the DAO to think of migrating to a new chain, Siu noted that there was no discussion among the DAO’s board members nor with other parties about the possibility of an APE chain.
Despite the clarification, some are not convinced and are still unhappy about the results of the event. Twitter user MetaMan said that the facilitators of the event should simply admit that they messed up and that it was a bad idea.
I fail to understand how this provides clarity. Reads like further obfuscation.
Why can’t Yuga admit what everyone in the space knows – they messed up, the smart contract wasn’t optimized, the KYC free-for-all was a bad idea, the initial response blaming Ethereum was absurd.
– MetaMan (@metamanog) May 3, 2022
The event also led to the burning of 55,817.39 ETH ($158 million) putting the Otherdeed NFTs at the top of the ETH 7-day burn leaderboard and pushing Ethereum network burn to a new all-time high of 70,000 ETH.