OnChainMonkey Migrating to Bitcoin
OnChainMonkey (OCM) is migrating its entire digital art collection from Ethereum to Bitcoin Ordinals, incurring a hefty $1 million migration fee.
The Deets
- Migration Costs: The project paid over $1 million in Bitcoin fees for the migration.
- DAO Approval: A quorum of 2,000 votes backed the move within 24 hours.
- Ethereum Exit: The migration includes burning existing Ethereum NFTs.
- Market Timing: The decision comes amid a cool-off in the Ordinals market.
The Bulk
OnChainMonkey, founded by Metagood, announced its bold move to migrate its entire digital art collection from Ethereum to Bitcoin Ordinals.
The migration process isn't just a click of a button; it comes at a substantial cost. OnChainMonkey forked over more than $1 million in Bitcoin fees to make this move. This amount doesn't only cover the technical costs but also includes the expense for burning the existing Ethereum NFTs, rendering them non-tradable.
Backing this massive shift is the project's DAO (Decentralized Autonomous Organization), which within 24 hours gathered more than 2,000 votes in favor of the move.
Interestingly, this all comes at a time when the Ordinals market has seen a significant cool-down, which makes this transition a potential precursor for the market's next big wave. Bitcoin ranks seventh in overall blockchain trading volume over the last month according to data from CryptoSlam.
📊 By the Numbers
The DAO proposal for migration saw 2,000 votes within 24 hours, and 99% voted in favor of the move to Bitcoin.
🎤 Founder Feedback
Our OCM community has conviction in our move to Bitcoin. The OCM community, in particular, has a great understanding of the potential and benefits of migration to Bitcoin.Danny Yang, CEO of Metagood to Bitcoin Magazine
