The ApeCoin (APE) Group believes APE must be on the Ethereum blockchain in the meanwhile. 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 fuel considerably larger.
ApeCoin (APE) Stays on Ethereum Blockchain
The ApeCoin DAO began voting on the proposal “Preserve ApeCoin inside the Ethereum ecosystem” at the moment, with the voting window to finish on June 9. On the primary day itself, the proposal obtained huge votes in favor of maintaining ApeCoin on the Ethereum ecosystem.
On the time of writing, the proposal has obtained 99.94% votes in favor, and 0.06% towards. In reality, 285k APE have been since used to vote in favor, whereas solely 174 APE to vote towards the proposal.
The ApeCoin DAO believes migrating to a unique chain is expensive, dangerous, advanced, and will result in unseen circumstances. Furthermore, the potential of abandonment by Yuga Labs and different entities can also be in consideration by ApeCoin DAO.
In reality, migrating to a unique chain could trigger Yuga Labs to drop assist and use of ApeCoin (APE) for its NFTs together with Bored Apes, Mutant Apes, or Otherside Deeds. Regardless of the considerations over Ethereum fuel 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 corresponding to optimistic rollups corresponding to Arbitrum and Optimism, or zk-Rollups corresponding to StarkNet, zkSync, and Polygon Hermez. The DAO believes the answer might assist enhance charges and the velocity 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 towards Avalanche and pro-ETH L2. Customers would quite have property 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.