Share this article
Avalanche Submits Subnet Proposal for ApeCoin DAO’s Metaverse Migration
The proposal comes weeks after Otherside faced issues on Ethereum.
Updated May 11, 2023, 4:19 p.m. Published May 25, 2022, 12:41 p.m.
Make us preferred on Google
developers have asked the community to consider building out the Bored Ape Yacht Club (BAYC) metaverse as an Avalanche subnet, a proposal shows.
The proposal argues Otherside, the BAYC metaverse, could benefit from Avalanche’s low-fee and high-speed network. Avalanche, a rival to the Ethereum blockchain, would additionally provide access to a $290 million incentive program to support development costs, the proposal added, as well as technical expertise and marketing support.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The move represents the continuation of the trend covered by CoinDesk last week: Various base layers, or layer 1s, are actively courting one of the hottest projects in the non-fungible token (NFT) space following a painful metaverse launch on Ethereum in which investors reportedly lost more than $100 million in transaction fees.
Yuga Labs, which created the BAYC and is and one of the teams behind Otherside, expressed its dismay at the time and encouraged ApeCoin holders to consider a new chain for the project.
Read more: ApeCoin Migration Draws Interest From Avalanche, Flow
Subnets are a scaling solution on Avalanche allowing builders to stake AVAX to build their own blockchains atop the Avalanche base layer. Metaverses, on the other hand, generally describe virtual worlds in which people can interact as they do in the real world, but digitally.
“ApeCoin would be fantastic as an Avalanche subnet, and benefit from the superior performance of its dedicated chain on the fastest consensus protocol,” Emin Gün Sirer, founder of Avalanche developer Ava Labs, said on Twitter citing the proposal.
That said, not all APE holders were in favor. “We should not move out of Ethereum ever,” the most-liked comment on the proposal read. “We should search for an L2 solution on Ethereum.”
APE and AVAX tokens are down about 2% in the past 24 hours amid nominal losses in the broader market.
ApeCoin would be fantastic as an Avalanche subnet, and benefit from the superior performance of its dedicated chain on the fastest consensus protocol. And the coin would have an additional use case that would help its market and regulatory stance.https://t.co/UxI2eo3vx9
— Emin Gün Sirer🔺 (@el33th4xor) May 24, 2022
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
How the ultra-wealthy are using bitcoin to fund their yacht upgrades and Cannes trips
Cometh founder Jerome de Tychey is applying DeFi lending and borrowing on platforms like Aave, Morpho, and Uniswap to structures that help the ultra-wealthy secure loans against their massive crypto fortunes.
What to know:
- Wealthy investors who hold much of their fortune in crypto are increasingly turning to decentralized finance platforms to secure flexible credit lines without selling their digital assets.
- Firms like Cometh help family offices and other rich clients navigate complex DeFi tools, using assets such as bitcoin, ether and stablecoins to replicate traditional Lombard-style collateralized loans.
- DeFi loans can be faster and more anonymous than traditional bank credit but carry volatility and liquidation risks, and Cometh is also experimenting with applying DeFi strategies to traditional securities via ISIN-based tokenization.
Top Stories
