- Following Polygon’s integration, APE is now available for over 19,000 dApps and games.
- This integration comes after Otherdeed’s mint raised ETH’s gas fee to new heights.
- Otherdeed’s mint resulted in the burning of 55,817.39 ETH.
ApeCoin (APE), the native token of the APE ecosystem, has integrated Ethereum sidechain Polygon. The project announced this news through a tweet earlier today, noting that this integration makes ApeCoin available for over 19,000 decentralized applications (dApps) and games.
ApeCoin’s tweet read,
One of the world's largest Web3 ecosystems, @0xPolygon now supports ApeCoin making it available for 19,000+ dApps and games across the board!
This announcement came on the heels of Yuga Labs, the creator of the Bored Ape Yacht Collection (BAYC), opening the minting of its Otherside metaverse lands titled Otherdeed NFTs on Sunday. The drop gained massive support from the APE community, with an estimated $300 million in sales.
However, this drop encountered various issues, including increasing the Ethereum (ETH) gas fees to new heights.
Did Yuga Labs Use High Gas Fees as a Marketing Trick?
While minting the NFTs, users had to pay between 2.6 and 5 ETH as transaction fees. With every user struggling to mint an NFT, some were not fortunate and paid the high gas fees even if they did not secure any NFTs.
As a result, some users took to Twitter to voice their complaints. One user even went as far as pulling out their APE-related investments, claiming Yuga Labs are con artists of the highest order.
To minimize the backlash, Yuga Labs promised to refund the gas fees. However, some users claimed the failure was a coordinated marketing stunt, seeing as the company announced that APE would migrate to a new chain.
Yat Siu, the Chairman of Animoca Brands and a member of the ApeCoin decentralized autonomous organization (DAO) refuted these claims, saying,
No discussion was had either at the @apecoin board level or with any other parties (including @yugalabs ) of a possible apechain; this is a completely new idea to us.
APE plunged almost 50% over the past seven days
APE’s price soared to hit a monthly high of $26.91 on April 28. However, Yuga Labs announced that Otherdeed NFTs would sell for APE, reducing the need for people to hoard high amounts of APE. As a result, the coin plunged to $16.75 on Mat 1. The messy drop exacerbated the bearish trend, pushing APE as low as $14.50 at the time of writing.
While APE’s price took a massive hit, the high gas fees led to the burning of 55,817.39 ETH ($158 million). Despite being a new project, Otherdeed rose to the top of the seven-day ETH burn leaderboard. Additionally, Otherdeed helped push the Ethereum network’s burn to a new all-time high of 70,000 ETH.
ApeCoin. Key Takeaways
Best platform to buy ApeCoin: eToro
Top payment method: credit/debit card, bank transfer
Security measures: activate 2-factor authentication, never reuse passwords and store coins in a private wallet if possible
If you would like to learn more, we created a guide on how to buy ApeCoin in 2022
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