ApeCoin Community Votes to Stay on Ethereum


Leaving Ethereum Would Be “Catastrophic”

The ApeCoin community is currently voting on a new proposal to stay on Ethereum despite the project’s recent difficulties with gas fees.

ApeCoin DAO member ASEC submitted this proposal on May 1, states that “migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise [be meaningful] to ApeCoin.”

Yuga Labs is the company behind the Bored Ape Yacht Club NFT collection and the Otherside Metaverse project. posted April. 30 that it was “abundantly clear that ApeCoin… need[ed] to migrate to its own chain” following the enormous spike in gas prices during the Otherdeeds land mint. Although the company was able to make more than $310m from the sale of its plots it lost over $177million in fees and blocked Ethereum.

Avalanche was quick to respond offeringApeCoin asked for a migration to an Avalanche network. It claimed that it would improve speed, lower gas fees, provide a better user experience and add value to the APE token. The proposal was shared by Avalanche Labs founder and CEO Emin Gün Sirer on Twitter, who commented that “ApeCoin would be fantastic as an Avalanche subnet.”

However, the ApeCoin community doesn’t seem interested. 99.65% support the proposal to keep Ethereum, and 0.35% against it. However, only 340,000 ApeCoin tokens were committed out of a total supply of 1,000,000. 

The proposal notably suggests using an Ethereum Layer 2 as a solution to gas fees, arguing that moving away from the chain upon which Yuga Labs’ NFT projects reside would be detrimental to ApeCoin in terms of liquidity, security, and network effects. It suggests Optimistic Rollups, such as Optimism and arbitrum, or ZK-Rollups like Starknet and zkSync as possible new ideas to keep ApeCoin within the Ethereum ecosystem.

ImmutableX is a possible solution for the ApeCoin Community. It has submitted an official a ProposalThe ApeCoin Governance forum was held on May 25, and the project will migrate to Layer 2. Immutable X is a specialist in scaling NFTs and strong liquidity. It has attracted top blockchain games like EmberSword and Gods Unchained. The proposal was well received by the ApeCoin community.

Get latest news from African Startup ecosystem

Latest stories

You might also like...