DAO Vote Decides ApeCoin Will Remain on Ethereum

Share this text

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 resulted in favor of an Ethereum-based ApeCoin, it swung wildly in the course of the six-day voting interval. Initially, greater than 90% of votes backed retaining APE on Ethereum. Nevertheless, three days in, a number of giant token holders entered the vote, swinging it in favor of transferring ApeCoin to a rival Layer 1 blockchain.

Whereas the ApeCoin neighborhood has since made it clear they need APE to remain inside the Ethereum ecosystem, the vote is just not fully 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 collection of tweets from the Bored Ape Yacht Membership creator Yuga Labs. Final month, Yuga advised migrating APE to a Layer 1 blockchain with larger 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 mission to “correctly scale,” deferring blame for its botched mint sale on the community’s poor efficiency.

Whereas transferring 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 advised ApeCoin transfer to its StarkEx-powered Layer 2 to profit from larger transaction throughput and decrease charges. Whereas Immutable’s proposal has obtained constructive suggestions on the ApeCoin DAO discussion board, it should want extra assist from the neighborhood earlier than it could possibly go to an official vote. 

Disclosure: On the time of penning this piece, the writer owned ETH and several other different cryptocurrencies. 

Share this text

Share:

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings