Despite the efforts of a couple of big token holders, over 53% of the ApeCoin DAO has actually voted to keep the task within the Ethereum environment.
More than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41
ApeCoin Community Chooses Ethereum
ApeCoin will remain on Ethereum-- for the time being.
The AIP-41 picture vote closed early Thursday early morning, with a lot of ballot power deciding to keep ApeCoin within the Ethereum community. 53.62% of the vote-- or 3.8 million APE tokens-- voted versus moving ApeCoin to a Layer 1 or sidechain not protected by Ethereum.
While the vote ended in favor of an Ethereum-based ApeCoin, it swung extremely throughout the six-day ballot duration. More than 90% of votes backed keeping APE on Ethereum. 3 days in, numerous big token holders got in the vote, swinging it in favor of moving ApeCoin to a competing Layer 1 blockchain.
While the ApeCoin neighborhood has actually given that made it clear they desire APE to remain within the Ethereum community, the vote is not totally conclusive. DAO members can send brand-new propositions worrying the future of the token within a three-month grace duration.
The vote to keep ApeCoin on Ethereum was stimulated by a series of tweets from the Bored Ape Yacht Club developer Yuga Labs. Last month, Yuga recommended moving APE to a Layer 1 blockchain with greater deal throughput and more affordable charges following its Otherside land NFT mint. The Otherside drop utilized a first-come, first-served design to disperse the land NFTs, which, integrated with its unoptimized wise agreement code, caused gas wars that cost minters millions in ETH. Yuga argued that moving APE to another blockchain would enable the task to "appropriately scale," delaying blame for its messed up mint sale on the network's bad efficiency.
While moving APE to a competing Layer 1 seems off the table, moving it to an Ethereum Layer 2 chain is still a possibility. Blockchain onboarding platform Immutable X has recommended ApeCoin transfer to its StarkEx-powered Layer 2 to take advantage of greater deal throughput and lower costs. While Immutable's proposition has actually gotten favorable feedback on the ApeCoin DAO online forum, it will require more assistance from the neighborhood prior to it can go to a main vote.
Disclosure: At the time of composing this piece, the author owned ETH and numerous other cryptocurrencies.
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