ApeCoin (APE) Its community thinks that the ecosystem-owned token APE should be on the Ethereum blockchain for now. The AIP-41 proposal received 99% votes to keep ApeCoin (APE) in the Ethereum ecosystem and prevent migration to any L1 (layer-1) chains or sidechains.
The proposal also opposes the idea of “Bored Ape” owner Yuga Labs to migrate ApeCoin to its own chain to improve scalability. Yuga Labs shared the idea after the long-awaited edition of ‘Otherdeed for Otherside NFTs’ significantly boosted Ethereum gas.
ApeCoin (APE) Remains on Ethereum
ApeCoin DAOstarted voting on the “Keep ApeCoin in the Ethereum ecosystem” proposal today, and the voting period will end on June 9th.
At the time of writing, the proposal received 99.94% in favor and 0.06% against. In fact, 285 thousand APEs have since voted in favour, while only 174 APEs have voted against the proposal.
ApeCoin DAO believes that switching to a different chain is costly, risky, complex and can lead to unseen conditions/issues. In addition, the possibility of abandonment by Yuga Labs and other organizations is also being evaluated by the ApeCoin DAO.
In fact, the move to a different blockchain is a development that could cause Yuga Labs to discontinue support and use of ApeCoin (APE) for its NFTs, including Bored Apes, Mutant Apes or Otherside Deeds. Despite concerns about Ethereum gas fees and transaction time with Ethereum, it seems that moving away from the Ethereum ecosystem could be detrimental to the interests of ApeCoin, its holders, and the DAO.
The proposal also shares meaningful Tier 2 solutions such as optimistic aggregations such as Arbitrum and Optimism or zk-Aggregations such as StarkNet, zkSync and Polygon Hermez. The DAO believes the solution can help improve fees and transaction speed.
altcoin, Avalanche and Immutable X has received offers to move from several chains. However, the community strongly opposes Avalanche and pro-ETH layer-2s. Users prefer to have assets supported on ETH L2 rather than EVM chains.
ApeCoin (APE) price is trading at $6.19, down 75% from its late-April high. You can follow the current price action here.
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