HomeAltcoinApeCoin's DAO officially favors staying in the Ethereum ecosystem

ApeCoin’s DAO officially favors staying in the Ethereum ecosystem


According to the results, 53.62 percent of ApeCoin participants intend to stay on Ethereum in the medium term.

ApeCoin DAO, a governance system that protects the democratic rights of ApeCoin (APE) holders — a digital asset linked to the Bored Ape Yacht Club ecosystem — published an official proposal on May 2 to discuss whether the asset should stay on Ethereum, move to a layer-2 alternative, or consider chain migration.

The disastrous repercussions of Yuga Labs’ Otherdeeds metaverse land auction called into question the financial restrictions of Ethereum’s gas charge mechanisms, prompting ApeCoin’s prominent members to express their worries about the fixed supply contract and scalability possibilities of ApeCoin.

Yuga Labs’ poorly-timed tweet insisting that “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale” and that “We’d like to encourage the DAO to start thinking in this direction” compounded the gas wars’ overwhelming deflation and lack of financial inclusion and integrity.

Despite Yuga Labs’ pleading, AIP-41 vehemently opposed the move to Ethereum, claiming that “such a choice is now too hard and costly to make” and that it might jeopardize their deep-rooted foothold on the network with the highest volume and cultural acceptance of nonfungible tokens (NFTs).

“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.”

The proposition received 3.8 million votes in favor and 3.3 million votes against, resulting in a 53.62 percent split. This result is not final and can be reconsidered by submitting fresh suggestions within a three-month grace period.




Leave a Reply


The last phase of Ripple process has begun.

The ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) has entered its final phase, according to Ripple CEO Brad Garlinghouse. Both...

Circle, a USDC issuer, has terminated its SPAC merger with Concord.

The circle was previously valued at $4.5 billion in July 2021, before being raised to $9 billion in February 2022. Circle, the creator of the USD...

For the community, the new Cardano algorithmic stablecoin reawakens old fears.

"I thought we already figured this out, algorithmic stablecoins aren't the best option," a Twitter user wrote. With the recent announcement that Cardano is on track...

Cryptocurrency exchange Kraken lays off 1,100 employees.

One of the biggest cryptocurrency exchanges in the world, Kraken, is reducing its workforce by about 30%, or 1,100 people, in order to "adapt to...

Follow us


Most Popular

%d bloggers like this: