No monkey avalanche yet! – Decentralized Autonomous Organization, ApeCoin DAO, initiated a vote on May 2, 2022. The proposal was to whether ApeCoin (APE) should stay on the Ethereum blockchain. The DAO has also studied the possibility of a transition to an alternative layer 2 or to another blockchain. The holders of ApeCoin, through the governance system, finally decided. Indeed, the final votes reveal that 53.62% of participants want to stay on Ethereum medium term. The digital asset linked to the Bored Ape Yacht Club ecosystem therefore remains, for the time being, on its initial blockchain.
The reasons for the vote of ApeCoin DAO
ApeCoin’s improvement proposal, titled ” AIP-41: Keep ApeCoin in the Ethereum ecosystem“, was written by BAYC 2491, better known as ASEC. A number of incidents inspired him for this vote. We remember in particular the chaotic mint of otherdeed plots and reaction from Yuga Labs.
The disastrous fallout from the sale of Otherdeed land for Yuga Labs’ metaverse brought to light the limitations of Ethereum’s gas fee mechanics. They prompted leading members of the ApeCoin community to express their concerns regarding the scalability potential of the asset.
The crushing gas war deflation and lack of financial inclusion or integrity was then compounded by Yuga Labs’ goofy tweet.
“It seems quite clear that ApeCoin will need to migrate to its own blockchain in order to scale properly. We would like to encourage the DAO to start thinking in this direction. »
Tweet by Yuga Labs
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The antics on Ethereum can continue
Despite Yuga Labs’ suggestion, the AIP-41 vote showed the determination of monkey currency holders not to quit Ethereum. According to these, “Such a decision is currently too complex and too costly to be taken”. Investors believe a migration could potentially harm their deep-rooted presence on the network with the greatest volume and non-fungible tokens (NFT).
“We, ApeCoin DAO, believe that, at least for now, ApeCoin should remain in the Ethereum ecosystem and not migrate to another blockchain or layer 2 not secured by Ethereum. »
ApeCoin DAO Statement
The results of the votes showed that 3.8 million users were to stay on the Ethereum blockchain despite 3.3 million being against. 53.62% of investors have therefore decided not to leave their favorite blockchain. However, this result is not definitive. It can still be debated with the submission of new proposals within three months. Monkeys are constantly evolving. Besides, a vulnerability has just been corrected in the code of Bored Ape Yacht Club NFTs.
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