Key facts:
The release of the Bored Ape Yanch metaverse crashed the Ethereum network.
At Shiba Inu they are working to launch their own network, with the Bone token as their native currency.
A new escalation in Ethereum fees has prompted Bored Ape, the renowned non-fungible token (NFT) collection, to consider creating its own network. In that it resembles the Shiba Inu token, whose development team has been developing a blockchain for months to escape from Ethereum.
Following a sellout of over $300 million with the launch of its Otherside metaverse, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) project, has proposed the decentralized organization (DAO) that governs the protocol to create its own blockchain. The reason is the excessive increase in commissions that exceeded 1,000% in a single day product of the public sale of the NFTs of its metaverse.
Shiba Inu, for his part, has been working for months on creating his own blockchain network known as Shibarium. So far, it has confirmed that Bone, a token that is part of the Shiba Inu ecosystem, will be the network’s native currency.
In the case of Bored Ape, it is only a proposed proposal, for now, that must be voted on by the community that makes up the DAO, waiting for new updates. In Shiba Inu, meanwhile, in an AMA (“ask me anything” for its acronym in English) made by Gokhshtein MediaI know she met that the team intends to create an Ethereum fork or second layer solution.
Lower fees can mean less security
While creating your own blockchain may be the easy way out of the high-fee problem, centralization could end up undermining the security of said network.
In a new network the level of decentralization is low, therefore it is prone to censorship and 51% attacks in which a malicious entity takes over the network.
The projects that decide to migrate from Ethereum, in addition to Shiba and Bored Ape, will not only have to face the challenges of decentralization that come with launching a new networkbut because of leaving behind the security that Ethereum offers, the price and valuation of its tokens may be affected.
The metaverse and NFTmania, the evil that afflicts Ethereum
Ethereum is a cryptocurrency network which, through the execution of smart contracts, makes it possible to create platforms such as decentralized applications.
The explosion of interest in this type of service has had stages or cycles within Ethereum. One of the first was what happened with decentralized finance (DeFi) or “DeFimanía”. Platforms in the field of finance raised interest in this networkwhich was unable to support such a volume of transactions, thus increasing the price of its commissions.
Later, and almost in parallel, the explosion of the NFTs and the metaverse occurred. Like the previous DeFi cycle, high trading volume saw Ethereum experience spikes in average transaction cost to almost $63.
Shiba Inu, like Bored Ape, has ventured into the world of metaverses with Shib: The Metaverse, a virtual universe in which meme cryptocurrency holders can interact. The decision to launch the metaverse before the Shibarium network, according to CriptoNoticias, caused complaints among Shiba Inu users.