ApeCoin is Not Moving Away From the Ethereum Ecosystem, Yet

ApeCoin is Not Moving Away From the Ethereum Ecosystem, Yet

The conflict of interest surrounding which blockchain will host the Apes have imploded after a tumultuous token launch back in March. As many buyers expressed dismay over the much-anticipated virtual land sale by Yuga Labs, a solution of a potential departure from Ethereum was suggested. But more than half of the ApeCoin participants have chosen to remain there.

Not Moving Away From Ethereum

ApeCoin DAO, the decentralized organization that enables APE holders to vote on token-related governance decisions, released an official proposal on May 2 to debate whether ApeCoin should remain on Ethereum or migrate to other chains. An unknown user named BAYC 2491, also known as ASEC, came up with the ApeCoin improvement proposal (AIP) dubbed “AIP-41: Keep ApeCoin within the Ethereum ecosystem.”

The proposal stated,

“We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.”

Votes were pulled from the APE holders who either agree or disagree with this statement. Even as the demand for the token surged to levels never seen before, gas fees on Ethereum skyrocketed, rendering it prohibitively expensive for many buyers, the final vote of the community, with a majority of 53.59%, advocated against migration.

The AIP-41 also stated that moving to a different chain will be a costly, risky, and complex affair that may lead to catastrophe if not thoughtfully considered and even abandonment by Yuga Labs and other entities. The idea is to delay the migration other than Ethereum and provide ApeCoin and the DAO to make the right decision that will work best for all interested parties.

Migration Appeals

The suite of Yuga Labs’ creations, such as the BAYC collection, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), exist on the Ethereum blockchain. But the company encouraged ApeCoin to move to its own chain in order to scale.

Last week, the Ethereum-based layer 2 NFT scaling platform, Immutable, submitted a proposal to the DAO to build the BAYC metaverse project Otherside on its blockchain network. Additionally, Ava Labs had also proposed a similar idea and to roll out the metaverse project on Avalanche subnet to “dramatically increase speed to finality while reducing gas fees, and enhance user experience.”

Previous Post
Stablecoin Leader Tether (USDT) Launches on Tezos Blockchain
Next Post
DeFi Project ChangeX Lands Advisory Board From Major Industry Giants
Generated by Feedzy