The ApeCoin community thinks that APE should remain on the Ethereum blockchain rather than any other blockchain for now. The ApeCoin DAO began voting on the proposal “Keep ApeCoin within the Ethereum ecosystem” today, with the voting ending on June 9.
The proposal dubbed AIP-41 has received 99% votes in favor to keep APE on the Ethereum blockchain and avoid migrating to any other L1 chain or sidechain till now.
Previously, Yuga Labs proposed the idea to move ApeCoin to its own chain to improve scalability via a tweet. Yuga Labs pitched the idea after the “Otherside” metaverse gas fees fiasco cost investors over $100 million in transaction fees.
The ApeCoin DAO then started voting on a proposal named “Keep ApeCoin within the Ethereum ecosystem.” On just the first day, the proposal gathered enormous votes in favor of keeping ApeCoin on the Ethereum ecosystem.
At the time of writing, 99.95% votes are in favor, while 0.05% are against. In fact, 329k APE have since been utilized to vote in favor, while just 174 APE have voted against the proposal.
The ApeCoin DAO explains that migrating to a different chain can be expensive, risky, complex, and it could lead to uncertain situations. Furthermore, the possibility of abandonment by Yuga Labs and others are also in consideration by ApeCoin DAO.
ApeCoin has gained immense popularity in a short span of time with its launch in Ethereum’s ecosystem which holds the most number of NFT projects than any other blockchain. The Ape community believes that leaving the state of the art security of Ethereum blockchain is not necessary at this point of time.
Also Read: ApeCoin an Initiative to Bring the Ape Ecosystem into Web3
The proposal also shares meaningful Layer 2 solutions like optimistic roll ups such as Arbitrum and Optimism, or zk-Rollups like StarkNet, zkSync, and Polygon Hermez. The DAO believes that the solution could assist to improve fees and the speed of transactions as well.
