Layer 2 scaling platform Polygon integrates ApeCoin into its ecosystem, giving $APE holders access to over 19,000 dApps and games.
Fresh from the backlash of Otherdeed’s April 30 minting, Apecoin (APE) announced that it has integrated with Layer 2 scaling platform Polygon (MATIC). Users can now use their $APE to access more than 19,000 decentralized apps (dApps) and games on Polygon.
The announcement comes on the heels of Saturday evening’s wild minting incident where speculations about a new chain for $APE came up.
Part of the minting incident’s repercussions is the burning of Ξ 55,817.39 or roughly $158 million, which placed Otherdeed NFTs at the top of the Ethereum seven-day burn leaderboard. It pushed the Ethereum network’s burn to a Ξ 70,000 high.
However, Apecoin DAO board member Yat Siu vehemently denies discussions regarding an exclusive $APE chain. He noted that while the idea of migrating to a new chain is being entertained, the DAO’s board members haven’t sat down to discuss the possibility of an APE chain with other parties.
The Catalyst for the Polygon Integration?
As previously reported by Omnimint, Yuga Labs’ Metaverse, the Otherside, launched on April 30. Simultaneous with the launch, about 55,000 Otherdeed NFTs were dropped. These NFTs are digital land deeds necessary to purchase lands on Otherside.
According to a tweet from Yuga Labs, the Otherdeed NFTs were available for $APE 305 each and were accordingly sold out.
The minting received support, overwhelmingly so, from its community, generating an estimated $300 million in sales. However, the overwhelming response caused Etherscan to crash and pushed gas fees to unprecedented highs, with users paying around Ξ 2 to Ξ 5 for gas.
As a result, frustrated users who failed to mint NFTs but still spent on gas fees expressed their outrage on Twitter, prompting Yuga Labs to remedy the situation.
Yuga Labs acknowledged that the Etherscan crash was due to the “largest NFT mint in history by several multiples” and that they were “sorry for turning off the lights on Ethereum for a while.” They also implied that for ApeCoin to scale properly, it might need to migrate to its chain since Ethereum couldn’t handle the massive buying volume.
Polygon Enters the Picture
Speculations of ApeCoin’s own chain aside, it looks like it has found a new home in Polygon, an entirely separate entity from Ethereum.
Polygon recently announced that it reached a new adoption milestone now that it has 19,000 dApps on its network. Per Alchemy’s data, that is a 500% increase from Polygon’s 3,000 dApps in October.
The Layer 2 scaling platform said that its PoS now has over 8,000 monthly active teams, registering a 2,000 increase from January’s 6,000 and just a few thousand in October. The network also claims that more than 3.4 billion transactions were completed on its PoS, with more than 135 million unique user addresses and more than $5 billion worth of assets protected.
As of Tuesday afternoon, or less than a day after $APE’s integration into Polygon, MATIC’s prices went up 2.3% over the prior 24-hour period.
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