Claim $500ApeCoin Community Chooses Ethereum Over Avalanche, Here’s Why
The ApeCoin (APE) Community believes APE needs to be on the Ethereum blockchain for the time being. The proposal AIP-41 has received 99% votes in favor to keep ApeCoin (APE) within the Ethereum ecosystem and avoid migrating to any L1 chain or sidechain.
The proposal opposes the idea of “Bored Ape” owner Yuga Labs to move ApeCoin to its own chain to improve scalability. Yuga Labs pitched the idea after the much-anticipated Otherdeed for Otherside NFTs mint pushed Ethereum gas significantly higher.
ApeCoin (APE) Remains on Ethereum Blockchain
The ApeCoin DAO started voting on the proposal “Keep ApeCoin within the Ethereum ecosystem” today, with the voting window to end on June 9. On the first day itself, the proposal received massive votes in favor of keeping ApeCoin on the Ethereum ecosystem.
At the time of writing, the proposal has received 99.94% votes in favor, and 0.06% against. In fact, 285k APE have been since used to vote in favor, while only 174 APE to vote against the proposal.
The ApeCoin DAO believes migrating to a different chain is costly, risky, complex, and could lead to unseen circumstances. Moreover, the possibility of abandonment by Yuga Labs and other entities is also in consideration by ApeCoin DAO.
In fact, migrating to a different chain may cause Yuga Labs to drop support and use of ApeCoin (APE) for its NFTs including Bored Apes, Mutant Apes, or Otherside Deeds. Despite the concerns over Ethereum gas fees and transaction time with Ethereum, moving away from the Ethereum ecosystem may be harmful to ApeCoin, its holders, and the interests of the DAO.
The proposal also shares meaningful Layer 2 solutions such as optimistic rollups such as Arbitrum and Optimism, or zk-Rollups such as StarkNet, zkSync, and Polygon Hermez. The DAO believes the solution could help improve fees and the speed of transactions.
Proposals from Chains to Migrate ApeCoin
ApeCoin has received proposals from many chains, including Avalanche and Immutable X, to move ApeCoin to their chain. However, the community is strongly against Avalanche and pro-ETH L2. Users would rather have assets backed on ETH L2 than EVM chains.
ApeCoin (APE) price is trading at $6.19, down 75% from its high in April end.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Michael Saylor’s Strategy Pauses Bitcoin Buying as Crypto Market Anticipates a ‘Santa Rally’
- Bitcoin and Ethereum Options Traders Turn Slightly Bullish, Santa Claus Rally?
- WhiteBIT Announces Global Trading Promotion With TradingView and Tether: up to 30% Cashback for Traders
- Crypto Market Watches as Federal Reserve Injects $6.8B in Liquidity Today
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
