The ApeCoin community trusts Ethereum should host APE at the moment. The AIP-41 proposal garnered 99% votes to keep the BAYC token in the Ethereum network and avoid migrations towards sidechains or L1 chains.
The proposal annuls Yuga Labs’ idea of moving ApeCoin in its chain for improved scalability. The Bored Ape owner suggested the move after the much-awaited Otherdeed for Otherside non-fungible tokens mint soared ETH gas higher.
APE Remains on The Ethereum Blockchain
ApeCoin DAO began voting on the “Keep Ape on the ETH ecosystem” proposal on Friday, today. Meanwhile, the voting window will end on 9 June. The first day saw the proposal receiving many votes favoring keeping APE on the Ethereum network.
While publishing this blog, 99.94% of the casted votes favor the proposal, whereas 0.06% are against it. That translated to 285K APE in favor and 174 APE against votes. ApeCoin DAO trusts migrating to different chains is risky, complex, costly, and might translate to unseen consequences. Moreover, it considers potential neglect by Yuga Labs and several entities.
Furthermore, migrations to another chain might force Yuga Labs to suspend ApeCoin (APE) usage for its non-fungible tokens, including Otherside Deeds, Mutant Apes, or Bored Apes. Regardless of concerns over transaction time and gas fees related to the Ethereum blockchain, avoiding it might be detrimental to APE, DAO interest, and token holders.
Moreover, the proposal shares impressive layer2 resolutions like optimistic rollups such as Optimism and Arbitrum or zk-Rollups like Polygon Hermez, zkSync, and SatrkNet. The DAI trusts the solutions would help improve transaction speed and fees.
Migration Proposals
ApeCoin (APE) has received multiple proposals from chains, including Immutable X and Avalanche, to migrate APE to their chains. Nevertheless, the ApeCoin community remains against pro-ETH L2 and Avalanche. Users would prefer ETH L2-backed assets to the EVM chain.
While publishing this content, APE traded at $6.19, 75% down from the April end peaks. The broad crypto market still struggled with bearish tendencies. The global crypto market capitalization dropped 1.12% over the last 24hr to $1.23 trillion. Also, Bitcoin failed to steady beyond $30K, losing 0.53% within the past day to $29,843 at this publication.
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