DAO Vote Decides ApeCoin Will Remain on Ethereum

Greater than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41.

ApeCoin Group Chooses Ethereum

ApeCoin will keep on Ethereum—in the interim.

The AIP-41 snapshot vote closed early Thursday morning, with most voting energy opting to maintain ApeCoin throughout the Ethereum ecosystem. 53.62% of the vote—or 3.8 million APE tokens—voted in opposition to migrating ApeCoin to a Layer 1 or sidechain not secured by Ethereum.

Whereas the vote resulted in favor of an Ethereum-based ApeCoin, it swung wildly in the course of the six-day voting interval. Initially, greater than 90% of votes backed retaining APE on Ethereum. Nevertheless, three days in, a number of massive token holders entered the vote, swinging it in favor of transferring ApeCoin to a rival Layer 1 blockchain.

Whereas the ApeCoin group has since made it clear they need APE to remain throughout the Ethereum ecosystem, the vote will not be completely definitive. DAO members can submit new proposals regarding the way forward for the token inside a three-month grace interval.

The vote to maintain ApeCoin on Ethereum was sparked by a collection of tweets from the Bored Ape Yacht Membership creator Yuga Labs. Final month, Yuga suggested migrating APE to a Layer 1 blockchain with increased transaction throughput and extra cheap charges following its Otherside land NFT mint. The Otherside drop used a first-come, first-served mannequin to distribute the land NFTs, which, mixed with its unoptimized good contract code, led to fuel wars that price minters tens of millions in ETH. Yuga argued that migrating APE to a different blockchain would enable the challenge to “correctly scale,” deferring blame for its botched mint sale on the community’s poor efficiency.

Whereas transferring APE to a rival Layer 1 seems to be off the desk, migrating it to an Ethereum Layer 2 chain continues to be a chance. Blockchain onboarding platform Immutable X has suggested ApeCoin transfer to its StarkEx-powered Layer 2 to learn from increased transaction throughput and decrease charges. Whereas Immutable’s proposal has obtained optimistic suggestions on the ApeCoin DAO discussion board, it would want extra assist from the group earlier than it may possibly go to an official vote.

Disclosure: On the time of scripting this piece, the writer owned ETH and several other different cryptocurrencies.

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