ApeCoin community rests its trust on Ethereum over other competitors like Avalanche

  • An overwhelming 99 percent of the APeCoin DAO community has voted in favor of staying on Ethereum.
  • The APE community members believe that moving out of Ethereum could be costly, less secure, and complex.

The Bored Ape Yacht Club (BAYC) has been one of the biggest projects in the world of non-fungible tokens (NFTs). The community behind its native cryptocurrency ApeCoin (APE) believes that APE needs to continue to stay on the Ethereum blockchain network.

In the newly initiated proposal AIP-41, an overwhelming 99 percent have voted in favor of keeping APE within the Ethereum ecosystem. Thus, it’s clear that the APE community is in no mood to migrate to other Ethereum Layer-1 competitors such as Avalanche.

Interestingly, Yuga Labs, the owner of the “Bored Ape” club had recently made a proposal to move ApeCoin to its own chain to improve scalability. The proposal came after the minting of the much-awaited Otherside NFTs in April 2022, which pushed the Ethereum gas fee significantly higher. However, the recent proposal AIP-41 also opposes any such kind of move. The announcement reads:

Yuga Labs stated in a tweet 1 that they believed ApeCoin needed to move to its own chain in order to scale. 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 ApeCoin community received proposals from many players like Avalanche and ImmutableX. However, the community is strongly against any such decision.

ApeCoin’s ongoing voting on the proposal

It is just today that the ApeCoin DAO has started voting on the proposal “Keep ApeCoin within the Ethereum ecosystem”. The voting window will be open for a week more and continue to June 9.

On the first day of voting itself, the proposal received overwhelming votes to keep APE on the Ethereum ecosystem. As of writing, the proposal has received 99.95 percent votes in favor and a mere 0.05 percent against. A total of 329K APEs have voted in favor while just 174 votes APEs have voted against.

But why does the ApeCoin community want to continue to stay on Ethereum despite the high gas fee? Well, the community has its own reasons in terms of network security. The ApeCoin DAO believes that moving to other chains could be risky, costly, and complex. This could also lead to some unforeseen circumstances.

The ApeCoin DAO community also fears the possibility of abandonment by Yuga Labs. Migrating to other chains could also lead to Yuga Labs dropping support and use of APE for NFTs such as Mutant Apes, Bored Apes, or Otherdeeds.

The AIP-41 proposal also shares some of the other meaningful Layer 2 ETH platforms. This includes k-Rollups such as zkSync, StarkNet, and Polygon Hermez. It also includes optimistic rollups such as Arbitrum and Optimism. The DAO believes that this could help in keeping transaction costs lower.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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