The conflict of interest surrounding which blockchain will host the Apes have imploded after a tumultuous token launch back in March. As many buyers expressed dismay over the much-anticipated virtual land sale by Yuga Labs, a solution of a potential departure from Ethereum was suggested. But more than half of the ApeCoin participants have chosen to remain there.
Don’t stray from Ethereum
ApeCoin DAO, the decentralized organization that allows APE holders to vote on token-related governance decisions, released an official proposal on May 2 to discuss whether ApeCoin should stay on Ethereum or migrate to Ethereum. other channels. An unknown user named BAYC 2491, also known as ASEC, came up with the ApeCoin Improvement Proposal (AIP) titled “AIP-41: Keep ApeCoin in the Ethereum Ecosystem”.
The proposal stated,
“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.”
Votes were taken from EPA holders who agree or disagree with this statement. Even as demand for the token has soared to never-before-seen levels, gas costs on Ethereum have skyrocketed, making it prohibitively expensive for many buyers, the community’s final vote, with a 53.59 majority. %, spoke out against migration.
The AIP-41 also stated that moving to a different chain will be a costly, risky, and complex affair that may lead to catastrophe if not thoughtfully considered and even abandonment by Yuga Labs and other entities. The idea is to delay the migration other than Ethereum and provide ApeCoin and the DAO to make the right decision that will work best for all interested parties.
Migration appeals
Yuga Labs’ suite of creations, such as the BAYC Collection, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), exist on the Ethereum blockchain. But the company encouraged ApeCoin to move to its own chain in order to grow.
Last week, the Ethereum-based layer 2 NFT scaling platform, Immutable, submitted a proposal to the DAO to build the BAYC metaverse project Otherside on its blockchain network. Additionally, Ava Labs had also proposed a similar idea and to roll out the metaverse project on Avalanche subnet to “dramatically increase speed to finality while reducing gas fees, and enhance user experience.”
