Despite the efforts of a couple of immense token holders, over 53% of the ApeCoin DAO has voted to elevate the mission inside of the Ethereum ecosystem.
More than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41.
ApeCoin Community Chooses Ethereum
ApeCoin will protect on Ethereum—for the time being.
The AIP-41 snapshot vote closed early Thursday morning, with most voting energy opting to elevate ApeCoin inside of the Ethereum ecosystem. 53.62% of the vote—or 3.8 million APE tokens—voted against migrating ApeCoin to a Layer 1 or sidechain no longer secured by Ethereum.
While the vote led to want of an Ethereum-basically basically based ApeCoin, it swung wildly all around the six-day voting length. Firstly, higher than 90% of votes backed conserving APE on Ethereum. On the opposite hand, three days in, several immense token holders entered the vote, swinging it in want of transferring ApeCoin to a rival Layer 1 blockchain.
While the ApeCoin group has since made it determined they wish APE to protect inside of the Ethereum ecosystem, the vote is no longer entirely definitive. DAO members can put up contemporary proposals relating to the way forward for the token inside of a 3-month grace length.
The vote to elevate ApeCoin on Ethereum used to be sparked by a series of tweets from the Bored Ape Yacht Membership creator Yuga Labs. Final month, Yuga urged migrating APE to a Layer 1 blockchain with higher transaction throughput and more cheaper costs following its Otherside land NFT mint. The Otherside tumble used a first-advance, first-served model to distribute the land NFTs, which, blended with its unoptimized trim contract code, led to gasoline wars that mark minters thousands and thousands in ETH. Yuga argued that migrating APE to 1 other blockchain would enable the mission to “neatly scale,” deferring blame for its botched mint sale on the community’s unhappy efficiency.
While transferring APE to a rival Layer 1 looks to be off the table, migrating it to an Ethereum Layer 2 chain is peaceful a possibility. Blockchain onboarding platform Immutable X has urged ApeCoin transfer to its StarkEx-powered Layer 2 to be taught from higher transaction throughput and decrease costs. While Immutable’s proposal has obtained determined feedback on the ApeCoin DAO forum, it will want more pork up from the group before it will creep to an official vote.
Disclosure: On the time of penning this piece, the creator owned ETH and several other other cryptocurrencies.
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