Bored Ape raises $285M from the sale of Ethereum Otherside NFTs - BitcoinEthereumNews.com
The anouncement also said that Yuga Labs had plans to refund users the expensive gas fees paid. The gas fees paid by users of the Ethereum network depend on the network activity. When network activity is high, the gas fees tend to increase to major highs because users compete for their transactions to be processed first. Data from Dune Analytics said that the average gas price was around 800 gwei on Sunday morning, noting that some spikes to 6000 gwei and 7000 gwei were recorded. During these periods, the average transaction consumed gas fees of around $3000. The high gas fee on the Ethereum network has created concern over the viability of the Ethereum network in supporting large NFT projects. Yuga Labs has even anounced that it will create its own blockchain to allow the project to achieve scalability. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. Wed like to encourage the DAO to start thinking in this direction,” the anouncement added. Yuga Labs has anounced that it does not control the ApeCoin DAO. Therefore, it could donate part of the money raised towards supporting the DAO and enabling the possible creation of