ApeCoin DAO, the governance system for ApeCoin (APE) token holders, has agreed that it will remain within the Ethereum network. APE is a digital token linked to the Bored Ape Yacht Club (BAYC) ecosystem.
The ApeCoin DAO released an official proposal on May 2 to assess whether the project should be sustained in the Ethereum network or transferred to a layer-two network or look into the possibility of migrating to another chain.
ApeCoin DAO votes to remain with Ethereum
The ApeCoin DAO was voting on a proposal titled “AIP-41: Keep ApeCoin within the Ethereum ecosystem.” the proposal was created by BAYC 2491, and it was motivated by a wide range of factors such as the mint of the Otherdeed NFTs and the reaction of Yuga Labs following the issues surrounding the launch of Otherdeeds.
Your capital is at risk.
The land sale for the Yuga Labs Otherdeeds was marred with a myriad of issues. The Ethereum network is criticized because of congestion and the high gas fees. The issues became vivid during the Otherdeeds land sale when the high traffic on the blockchain triggered a spike in gas fees.
Following the controversial launch, some of the members of the ApeCoin community expressed their concerns about the fixed supply contract of ApeCoin and the potential of the project to achieve scalability by remaining on Ethereum.
The speculations that Yuga Labs would migrate its projects to a layer-two network or another blockchain were also fuelled by a tweet by Yuga Labs following the controversial launch, with the team hinting that it could not rely on Ethereum for much longer.
“It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.” The team also said it would “encourage the DAO to start thinking in this direction.”
Chain migration is complex and costly
The recent proposal to the team advocated that Yuga Labs not be migrated to another chain. The DAO said, “such a decision is currently too complex and costly to make.” Such a move could also affect the network’s presence in the adoption of non-fungible tokens (NFTs).
“We, the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum,” the ApeCoin DAO added.
Lucky Block – Our Recommended Crypto of 2022
- New Crypto Games Platform
- Featured in Forbes, Nasdaq.com, Yahoo Finance
- LBLOCK Token Up 1000%+ From Presale
- Listed on Pancakeswap, LBank
- Free Tickets to Jackpot Prize Draws for Holders
- Passive Income Rewards – Play to Earn Utility
- 10,000 NFTs Minted in 2022 – Now on NFTLaunchpad.com
- $1 Million NFT Jackpot in May 2022
- Worldwide Decentralized Competitions
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.