Apecoin’s Community Would Stay On Ethereum For Now: Report

Apecoin’s community would stay on Ethereum for now according to the results from the poll on whether they wanted to stay within Ethereum so let’s read more today in our latest Ethereum news.

The ApeCoin community thought about leaving Ethereum after the tumultuous token launched back in March. Dubbed Apecoin Improvement Proposal, the vote asked the token holders whether they stand with the Yuga Labs commentary to launch a proprietary blockchain for the community. The idea came after the initial Apecoin drop and as the demand for the token surged, the gas fees on ethereum soared and rendered the number two crypto network much more expensive for most users. The company behind the popular NFT collection noted:

“ We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.”

The Yuga Labs Creators include the BAYC collection, Mutant Ape Yacht Club, and the Bored Ape Kennel CLub and all of these projects exist on Ethereum right now. The community is voting on whether to migrate. But it seems that Apecoin’s community would stay on Ethereum or now and more specifically, the AIP-41 stated that at least for the time being, ApeCoin should remain on the ETH ecosystem and not migrate anywhere to another sidechain that Is not secured by Ethereum. The votes are pulled from Apecoin holders who agree or disagree with the statement:

“First, my primary concern is that migrating to a different chain is a highly complex decision and shouldn’t be rushed. I believe staying within Ethereum gives ApeCoin the strongest security model.”

The voting has been one-sided so far with 91% of the Apecoin holders supporting the proposal and about 9% of the holders voting against the proposal which supports migration. One ApeCoin holder noted:

“Staying in the Ethereum ecosystem is profitable for APE holders. This is because Ethereum is the financial hub of blockchains. Since APE aims to be the metaverse currency, it has to be in the hub.”

If passed, the proposal will prevent any future proposals from Yuga Labs that regarded the migration of the Apecoin for a period of three months. With a bit more time to discuss, however, the community might change its mind:

“This AIP is essentially two things. [It’s] a temperature check for the DAO’s desire to stay within the Ethereum ecosystem and [secondly] its a three-month delay to set up a more diligent governance process for big and likely irreversible decisions.”