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Ethereum wins ApeCoin community over

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According to Snapshot data, the ApeCoin community has elected to continue on the Ethereum network. A total of 54% of APE tokens were voted in favor of the project remaining in the ecosystem.

Yuga Labs’ virtual land sale in early May temporarily rendered the Ethereum network useless owing to exorbitant costs. Due to high network traffic, users were reportedly forced to pay thousands of dollars for individual transactions.

Yuga Labs apologized for turning down the lights on Ethereum with their enormous NFT mint and stated that in order to avoid future tragedies, it would have to shift to its own chain.

Switching to a different chain would be too pricey and unsafe for the project, according to the majority of community members.

For years, Ethereum has struggled with excessive gas fees. Back in December 2017, CryptoKitties, the very first popular NFT project, jammed up the network.

The failure of the second-largest blockchain to grow adequately has led to the creation of high-throughput blockchains like Solana.

Ethereum Ropsten is now prepared to make the switch to Proof of Stake

The Ropsten testnet merged with the Beacon chain on Wednesday, marking a crucial step toward the network’s much-anticipated switch to proof-of-stake.

Ethereum’s testnet Ropsten appears to be ready for the Merge experiment, according to recent Github statistics. The ETH network’s longest-running PoW testnet is transitioning to proof of stake, as Ethereum core developer Tim Beiko previously stated, with the Merge expected around June 8 on the network.

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As Ethereum core developer Tim Beiko previously indicated, Ethereum’s longest-running PoW testnet is moving to proof of stake, with the Merge slated for June 8 on the network.

The introduction of the Beacon Chain on the Ropsten test network represented a significant step forward for Ethereum as it continues to lay the groundwork for its much-anticipated proof-of-stake flip (PoS; testnet).

The Beacon Chain is a proof-of-stake network that coexists with Ethereum’s mainnet, which is based on proof-of-work. It serves as a testbed for Ethereum’s upcoming consensus mechanism transition, which will see the two chains merge to form a single PoS network.

While the much-anticipated improvement would drastically reduce Ethereum’s energy consumption, it is not expected to have a substantial influence on gas fees for the time being.

The Bored Ape Yacht Club NFT collection’s token, ApeCoin, was introduced in March to much fanfare, but the excitement quickly faded. Currently, the token is ranked 36th.

ApeCoin Is Trading at an All-Time High Ahead of the Metaverse Launch

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ApeCoin, developed by Yuga Labs, is trading at all-time highs ahead of Saturday’s Otherside NFT auction. The NFTs are thought to represent land parcels for the Otherside Metaverse.

The subsequent major development in the universe of the Bored Ape Yacht Club is just around the corner.

Participants can take part in the first mint for Otherside, a new Metaverse being launched by Bored Ape Yacht Club founder Yuga Labs, can join today if they pre-registered on somethingisbrewing.xyz before April 1st. The NFTs represent Otherdeeds, 55k plots of land that will be available for sale.

The Otherside metaverse and apecoin

ApeCoin’s price has shown fluctuations ever since its debut on March 17th. It dropped to an all-time low of $6.21 shortly after its introduction but swiftly recovered. ApeCoin has marked new all-time highs since April 21 and is currently trading at $22.

ApeCoin has recently risen above rival Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND. APE has a market capitalization of about $5.7 billion, making it the 28th most valuable cryptocurrency.

Yuga Labs NFTs are also selling at record values on OpenSea, in addition to ApeCoin’s new highs. The floor price of Bored Apes has risen by 40% in the last 30 days to approximately 140 ETH.

Mutant Apes has suffered a more severe price hike, with the most affordable specimens now costing 37.5 ETH, up 70% from a month ago.

The upcoming Otherside NFT mint is responsible for much of ApeCoin’s recent surge. There is talk that a special NFT marketplace will launch simultaneously as the NFT mint, allowing for exclusive trade of the new NFTs.

Some have claimed that requiring know-your-customer identification for individuals pre-registered for the NFT drop would only have been essential if users expected to benefit by selling NFTs directly through Yuga Labs’ platform.

The land known as the Otherdeeds will be for sale. For 305 APE per plot, each piece of land will be accessible. For customers who have completed KYC, a total of 55k land plots will be available for purchase.

Instead of going to the Dutch auction, the team chose to sell Otherdeeds for 305 ApeCoin. The researchers predicted that the Dutch auctions would fail to stop the gas wars in these hotly contested mints.

As a result, instead of Dutch auctions, sales will occur in waves. One KYC’d wallet may only mint 2 Otherdeeds in every wave. The crew will begin wave two once the gas price has stabilized.

Binance postponed ApeCoin and Solana transactions

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Owing to excessive demand, Binance has temporarily put on hold the ApeCoin [APE] lending function. The amount left on the exchange is currently insufficient to satisfy the need for APE by its users. Additionally, withdrawals on the Solana [SOL] network have been suspended a few times since April 25.

In the notice published on its website, the leading crypto exchange cited high withdrawal volume generated with blank transaction IDs that led to the suspension of SOL. The blog read,

“We are actively working with the project team to provide a stable, long-term solution to reduce transaction failure and enhance the user experience. A further announcement will be posted if there are updates on this.”

Speaking about ApeCoin, the token is the heart of the Otherside Metaverse of the Bored Ape Yacht Club NFT project and is hitting a wave of milestones after its launch.

Besides being labeled as the hottest cryptocurrency in 2022, the popular coin has reached a market cap of over 5 billion dollars. Since its entry into the market in early 2022, ApeCoin has risen to a whopping 1000%. and is now the third-highest liquidated coin after Bitcoin and Ethereum, according to Coinglass.com.

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The 24-hour trade volume of APE shows the asset occupying the fourth position after Tether, Bitcoin, and Ethereum and could very well be on a path toward exceeding its all-time high of $39.40.

This value could be matched or eclipsed once the asset starts being utilized in the Otherside Metaverse ecosystem beginning tomorrow.

Apecoin- the rising star in the metaverse universe

ApeCoin, the default currency required in Otherside has become the biggest metaverse token by market capitalization and has managed to surpass bigger rivals like Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.

At the time of publication, ApeCoin is exchanging hands at $23.12 and up by almost 4% in the past 24 hours. One of the main reasons behind APE’s meteoric rise is the frenzy surrounding the sale this weekend.

Around 50,000 plots of virtual land are open for public sale on Otherside, a soon-to-be-released metaverse platform. Interested buyers will need ApeCoin to purchase a plot, which is contributing to the price surge. 

Time Magazine Adds ApeCoin Into Their Payment Module

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Time Magazine’s users can now pay for their digital subscriptions using ApeCoin [APE]. The New York-based publication announced the same on Twitter while congratulating ApeCoin DAO on the rollout of its asset. The Ethereum-based governance token which debuted last week is inspired by the well-known Bored Ape Yacht Club [BAYC] NFT project.

The newly launched coin generated a significant amount of attention after it was airdropped to the owners of BAYC and Mutant Ape Yacht Club [MAYC] at 8.30 am EST on March 17. 

Exactly a year ago, Time Magazine had auctioned off three first-ever NFTs inspired by one of its most iconic covers. Recently it released its first-ever full magazine issue as an NFT on the blockchain that featured a full cover story on Ethereum co-founder Vitalik Buterin.

As reported by TronWeekly, in the 80-minute long interview, the programmer spoke in detail of his main concerns about the crypto industry and how one of the most expensive digital collectibles has been reduced to a status symbol.

Time Publication Tyrst With Crypto

Time’s engagement with crypto began in early 2021 when the publication had posted a job requirement for a new CFO asking for “comfort with Bitcoin and other cryptocurrencies” in its list of qualifications.

After a few weeks, Michael Sonnenshein, the CEO of the world’s largest digital asset management firm Grayscale Investments LLC, announced via Twitter that it had joined hands with the nearly century-old magazine to create a new educational crypto video series.

In addition to that, the portfolio manager disclosed that TIME will be paid in Bitcoin and the firm will continue to hold the asset on its balance sheet. The move helped the 100-year-old publication firm to join the likes of MicroStrategy [MSTR], Tesla [TSLA], Block – formerly Square, and others who hold the coin on their balance sheets as a store of value assets. 

Besides BTC, the iconic publication initially made it possible to pay for digital subscriptions with other cryptocurrencies, including XRP, Ether, and Dogecoin, last April. In December 2021, Time Magazine shot into the limelight when it named DOGE promoter Elon Musk as its person of the year.