ApeCoin DAO Officially Choose To Stay Within The Ethereum Ecosystem.

Following a six-day snapshot voting period, the final results show that 53.59% of ApeCoin participants choose to stay on Ethereum in the medium term, with 7.1 million APE tokens cast in total.

ApeCoin DAO, a governance system serving the democratic rights of ApeCoin holders — a digital asset linked to the Bored Ape Yacht Club ecosystem — published an official proposal on May 2 to argue whether the asset should remain on Ethereum, transition to a layer-2 alternative, or possibly investigate chain migration.

The ApeCoin improvement proposal (AIP) titled “AIP-41: Keep ApeCoin within the Ethereum ecosystem” was prepared by BAYC 2491, also known as ASEC, and was inspired by a number of events, including the tumultuous Otherdeed mint and following Yuga Labs response.

The tragic repercussions of Yuga Labs’ Otherdeeds metaverse land sale called into question the financial constraints of Ethereum’s gas price mechanics, prompting ApeCoin’s senior members to express their concerns about the token’s fixed supply contract and scalability possibilities.

The overwhelming deflation of the gas wars, as well as the lack of financial inclusion or integrity, were then exacerbated by Yuga Labs’ ill-advised 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.”

Despite Yuga Labs’ pleading, AIP-41 strongly opposed the relocation from Ethereum, claiming that “such a decision is currently too hard and costly to make,” and that it might jeopardize their deep-rooted presence on the network with the highest volume and cultural adoption of 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 in opposition, for a 53.59% split. This conclusion is not final, and additional ideas can be submitted during a three-month grace period to be reconsidered.

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Patrick

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