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Greater than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41.
ApeCoin Group Chooses Ethereum
ApeCoin will keep on Ethereum—in the meanwhile.
The AIP-41 snapshot vote closed early Thursday morning, with most voting energy opting to maintain ApeCoin inside the Ethereum ecosystem. 53.62% of the vote—or 3.8 million APE tokens—voted in opposition to migrating ApeCoin to a Layer 1 or sidechain not secured by Ethereum.
Whereas the vote led to favor of an Ethereum-based ApeCoin, it swung wildly throughout the six-day voting interval. Initially, greater than 90% of votes backed holding APE on Ethereum. Nevertheless, three days in, a number of massive token holders entered the vote, swinging it in favor of shifting ApeCoin to a rival Layer 1 blockchain.
Whereas the ApeCoin group has since made it clear they need APE to remain inside the Ethereum ecosystem, the vote just isn’t completely definitive. DAO members can submit new proposals regarding the way forward for the token inside a three-month grace interval.
The vote to maintain ApeCoin on Ethereum was sparked by a sequence of tweets from the Bored Ape Yacht Membership creator Yuga Labs. Final month, Yuga suggested migrating APE to a Layer 1 blockchain with increased transaction throughput and extra cheap charges following its Otherside land NFT mint. The Otherside drop used a first-come, first-served mannequin to distribute the land NFTs, which, mixed with its unoptimized good contract code, led to gasoline wars that price minters hundreds of thousands in ETH. Yuga argued that migrating APE to a different blockchain would permit the undertaking to “correctly scale,” deferring blame for its botched mint sale on the community’s poor efficiency.
Whereas shifting APE to a rival Layer 1 seems to be off the desk, migrating it to an Ethereum Layer 2 chain continues to be a risk. Blockchain onboarding platform Immutable X has suggested ApeCoin transfer to its StarkEx-powered Layer 2 to profit from increased transaction throughput and decrease charges. Whereas Immutable’s proposal has acquired constructive suggestions on the ApeCoin DAO discussion board, it would want extra assist from the group earlier than it may possibly go to an official vote.
Disclosure: On the time of scripting this piece, the creator owned ETH and a number of other different cryptocurrencies.
