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Officially,the ApeCoin DAO prefers to stay in the Ethereum environment

09-Jun-2022 By: Shikha Jha
Officially,the ApeCo

Officially, the ApeCoin DAO prefers to stay in Ethereum environment

With 7.1 million APE tokens cast in total during a six-day snapshot voting session, the final results show that 53.62 percent of ApeCoin participants want to stay on Ethereum in the medium-term future.

ApeCoin DAO, a governance system that protects the democratic rights of ApeCoin holders — a digital asset linked to the BAYC ecosystem — issued an official proposal to discuss whether the asset should stay on Ethereum,  migrate to a layer-2 alternative, or consider chain migration.

The "AIP-41: Keep ApeCoin within the Ethereum network" ApeCoin improvement proposal (AIP) was written by BAYC 2491, also known as ASEC, and was inspired by a number of events, including the tumultuous Otherdeed mint and following Yuga Labs reaction.

The disastrous repercussions of Yuga Labs' Otherdeeds metaverse land auction called into question the financial restrictions of Ethereum's gas charge mechanisms, prompting ApeCoin's prominent members to express their worries about the fixed supply contract and scalability possibilities of ApeCoin.

Yuga Labs' poorly-timed tweet urging that "it seems pretty evident that ApeCoin will need to migrate to its own chain in order to effectively scale," and that "we'd like to stimulate the DAO to start thinking in this direction," magnified the gas wars' overwhelming deflation and lack of financial participation and integrity.

Despite Yuga Labs' pleading, AIP-41 vehemently opposed the Ethereum move, claiming that "such a choice is now too hard and costly to make," and that it might jeopardize their deep-rooted position on the network with the highest volume and cultural acceptance of NFTs.

We, the ApeCoin DAO, feel that ApeCoin should stay within the Ethereum ecosystem for the time being, rather than migrating to an L1 chain or sidechain that is not safeguarded by Ethereum.

The proposition received 3.8 million votes in favor and 3.3 million votes against, resulting in a 53.62 percent split. This result is not final and can be reconsidered by submitting fresh suggestions within a three-month grace period.

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