ApeCoin Community Chooses Ethereum Over Avalanche, Here’s Why
The ApeCoin (APE) Group believes APE must be on the Ethereum blockchain in the interim. The proposal AIP-41 has acquired 99% votes in favor to maintain ApeCoin (APE) throughout 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 greater.
ApeCoin (APE) Stays on Ethereum Blockchain
The ApeCoin DAO began voting on the proposal “Maintain ApeCoin throughout the Ethereum ecosystem” at present, with the voting window to finish on June 9. On the primary day itself, the proposal acquired huge votes in favor of maintaining ApeCoin on the Ethereum ecosystem.
On the time of writing, the proposal has acquired 99.94% votes in favor, and 0.06% in opposition to. The truth is, 285k APE have been since used to vote in favor, whereas solely 174 APE to vote in opposition to the proposal.
The ApeCoin DAO believes migrating to a distinct chain is expensive, dangerous, advanced, and will result in unseen circumstances. Furthermore, the potential for abandonment by Yuga Labs and different entities can also be in consideration by ApeCoin DAO.
The truth is, migrating to a distinct chain might trigger Yuga Labs to drop help 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, shifting 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 equivalent to optimistic rollups equivalent to Arbitrum and Optimism, or zk-Rollups equivalent to StarkNet, zkSync, and Polygon Hermez. The DAO believes the answer might assist enhance charges and the pace of transactions.
Proposals from Chains to Migrate ApeCoin
ApeCoin has acquired proposals from many chains, together with Avalanche and Immutable X, to maneuver ApeCoin to their chain. Nonetheless, the neighborhood is strongly in opposition to Avalanche and pro-ETH L2. Customers would relatively have property backed on ETH L2 than EVM chains.
ApeCoin (APE) value is buying and selling at $6.19, down 75% from its excessive in April finish.
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