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Polygon ecosystem now supports Apecoin
Following backlash from the community on Yuga Labs Otherdeeds nonfungible token (NFT) minting event, ApeCoin (APE) has revealed its new integration with Ethereum (ETH) sidechain Polygon.
Apecoin has announced a new integration with the polygon network, this decision will make available APE trade on over 19,000 dApps and games.
Yuga Labs, the makers of the Bored Ape Yacht Club NFT collection, started minting Otherdeeds NFT land on Sunday. With an estimated $300 million in sales, the drop received great support from its community.
Despite this, the decline caused a slew of problems, including raising ETH gas rates to previously unheard-of levels, forcing users to spend between 2 and 5 ETH for gas.
As a result, customers who were unable to mint NFTs but still had to pay ETH gas fees were upset and vented their frustrations on Twitter, with some even announcing their withdrawal from APE-related investments.
While Yuga Labs pledged to reimburse their gas, some users speculated that the failure was part of a marketing trick to draw attention to an issue before launching a new APE chain. An ApeCoin decentralized autonomous organization (DAO) spokesperson, on the other hand, disputes this.
This is not the case, according to ApeCoin DAO Board Member Yat Siu. While Yuga Labs invites the DAO to consider moving to a new chain, Siu observed that the concept of an APE chain was not discussed among the DAO's board members or with other stakeholders.
Despite the clarification, some remain skeptical and dissatisfied with the event's outcomes. MetaMan, a Twitter user, suggested that the event's organizers simply say that they made a mistake and that the event was a horrible idea.
The event also resulted in the burning of 55,817.39 ETH ($158 million), placing Otherdeed NFTs atop the ETH 7-day burn leaderboard and pushing Ethereum network burn to a new all-time high of 70,000 ETH.