The community holding the sovereign rights of ApeCoin, ApeCoin DAO wins votes in favor of ‘keeping ApeCoins within the Ethereum Ecosystem’ with 53.62% saying ayes.
The total votes of the proposal amounted to 3.8 million ‘for’ and 3.3 million ‘against’.
On May 02, an official proposal was issued to decide if ApeCoin should remain on Ethereum and not migrate to an L1 chain or sidechain that was not secured by Ethereum, or if chain migration should be considered at all.
The ApeCoin improvement proposal (AIP) titled “AIP-41: Keep ApeCoin within the Ethereum ecosystem,” was drafted by BAYC 2491, known as ASEC.
The proposal stated that moving ApeCoin away from Ethereum’s lucrative ecosystem can be ‘detrimental to its (the asset’s) health and the DAO’s goals of growing the ecosystem’.
Initially, the proposal had even received 99% votes in favor to keep APE on the Ethereum blockchain.
Ironically, the proposal was a repercussion of several incidents including the turbulent Otherdeed mint, and the manner in which Yuga Labs reacted.
Recently, Yuga Labs’ Otherside metaverse land sale had intensely fueled the existing Ethereum’s gas war. The fallout then prompted the leading voice of the ApeCoin community to raise their concerns around ApeCoin’s limited supply contract, and scalability potential.
The lack of financial inclusion by Yuga Labs and its rather miscalculated tweet claiming that “it seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale” has further caused a lot of complexity.
Even with the tweets, AIP-41 ardently spoke against the migration from Ethereum, stating that “such a decision is currently too complex and costly to make”. The proposal further explained that the migration can perhaps damage their strong presence on the network given its largest volume and cultural adoption of NFTs.
Note that the vote is not entirely conclusive, and can be again debated with the submission of new proposals within a three-month grace period.
