Two or three sentences that summarize the proposal.
L1 minting brings us the issue of massive gas fees. L2 minting seems to solve the with secure and cheap solutions already available such as Loopring or Immutable-X/
A statement on why the APE Community should implement the proposal.
Apecoin is an experimental coin with high speculation. Entry to the projects is not cheap, but along with it’s high price tags comes also a major lack of convenience and ease of use.
We’re in a new space, and we want to grow and continue to attract people through our projects, tokenomics, and increasing valuation. Limiting access of ApeDAO projects by using expensive methods of implementation to bring our already high priced projects into existence is unideal and sheds negative media and public attention on an already speculative product.
An explanation of how the proposal aligns with the APE Community’s mission and guiding values.
By using L2 methods of minting, instead of L1, we could lower the entry price of future Apecoin projects, leading to higher distribution of ApeDAO’s future projects. We could reward all users of Apecoin that would like to use the coin for future projects instead of just the whales by lowering our gas fees and therefore the entry price of our future projects without lowering the valuation.
This would also solve the issue of losing most of our coins to gas, allowing more $ to be put into Apecoin, and make us a more “green” project at the same time.
Key Terms (optional)
Definitions of any terms within the proposal that are unique to the proposal, new to the APE Community, and/or industry-specific.
L2- Layer 2, or a secondary framework on top of an already existing blockchain
A detailed breakdown of the platforms and technologies that will be used.
Create a Loopring wallet to mint NFTs to then be transferred back to the ETH blockchain using zkrollups for a cheaper transaction fee than minting directly on the ETH blockchain.
Minting through Immutable-X would follow this process
Steps to Implement
The steps to implement the proposal, including associated costs, manpower, and other resources for each step where applicable.
- Reach out to the Loop/IMX community leads and see what the process would be to set up minting for such a scale
- Only associated price would be the actual minting fees, which would be significantly lower than the current gas fees on ETH
Relevant timing details, including but not limited to start date, milestones, and completion dates.
The total cost to implement the proposal.
Should just be reaching out?