The ApeCoin (APE) Group believes APE must be on the Ethereum blockchain in the intervening time. The proposal AIP-41 has obtained 99% votes in favor to maintain ApeCoin (APE) inside the Ethereum ecosystem and keep away from migrating to any L1 chain or sidechain.
The proposal opposes the concept of “Bored Ape” proprietor Yuga Labs to maneuver ApeCoin to its personal chain to enhance scalability. Yuga Labs pitched the concept after the much-anticipated Otherdeed for Otherside NFTs mint pushed Ethereum gasoline considerably larger.
ApeCoin (APE) Stays on Ethereum Blockchain
The ApeCoin DAO began voting on the proposal “Hold ApeCoin inside the Ethereum ecosystem” at this time, with the voting window to finish on June 9. On the primary day itself, the proposal obtained huge votes in favor of conserving ApeCoin on the Ethereum ecosystem.
On the time of writing, the proposal has obtained 99.94% votes in favor, and 0.06% in opposition to. In reality, 285k APE have been since used to vote in favor, whereas solely 174 APE to vote in opposition to the proposal.
The ApeCoin DAO believes migrating to a special chain is expensive, dangerous, advanced, and will result in unseen circumstances. Furthermore, the potential for abandonment by Yuga Labs and different entities can be in consideration by ApeCoin DAO.
In reality, migrating to a special chain might trigger Yuga Labs to drop help and use of ApeCoin (APE) for its NFTs together with Bored Apes, Mutant Apes, or Otherside Deeds. Regardless of the issues over Ethereum gasoline charges and transaction time with Ethereum, transferring away from the Ethereum ecosystem could also be dangerous to ApeCoin, its holders, and the pursuits of the DAO.
The proposal additionally shares significant Layer 2 options akin to optimistic rollups akin to Arbitrum and Optimism, or zk-Rollups akin to StarkNet, zkSync, and Polygon Hermez. The DAO believes the answer might assist enhance charges and the pace of transactions.
Proposals from Chains to Migrate ApeCoin
ApeCoin has obtained proposals from many chains, together with Avalanche and Immutable X, to maneuver ApeCoin to their chain. Nonetheless, the neighborhood is strongly in opposition to Avalanche and pro-ETH L2. Customers would relatively have belongings backed on ETH L2 than EVM chains.
ApeCoin (APE) worth is buying and selling at $6.19, down 75% from its excessive in April finish.
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