99% of ApeCoin Community Members Want APE to Remain on Ethereum


99% of ApeCoin Community Initiates Proposal to Have APE to Remain on Ethereum

The future of APE coins looks to be established in the Ethereum network, as the ApeCoin community has proposed that the token remains on the blockchain of the second biggest crypto asset by market capitalization.

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The plan is known as AIP-41, and it will be decided by the results of a voting procedure that will finish on June 9th.

What Is ApeCoin and How Does It Work?

ApeCoin is an ERC-20 governance and utility token that is utilized inside the APE Ecosystem to empower and incentivize the development of a decentralized community at the forefront of web3.

ApeCoin holders rule themselves using the ApeCoin DAO's decentralized governance architecture, voting on how the ApeCoin DAO Ecosystem Fund should be utilized. The APE Foundation is in charge of ApeCoin holders' ideas.

Who are the ApeCoin Founders?

ApeCoin is a decentralized project based on the Bored Ape Yacht Club initiative by Yuga Labs. ApeCoin was created with the intention of being utilized inside the growing APE Ecosystem, which is backed by the APE Foundation. The ApeCoin DAO intends to create and sustain a fair and inclusive APE Ecosystem by offering an infrastructure for ApeCoin holders to interact through open and permissionless governance mechanisms.

The ApeCoin DAO members' choices will be carried out by an administrative council inside the APE Foundation (the "Board"). The Board is in charge of the day-to-day administration, bookkeeping, project management, and other responsibilities that help the Community's ideas become a reality. Members of the ApeCoin DAO vote on who will serve on the Board of Directors.

As of press time, more than 99 percent of the votes cast were in favor of maintaining the APE coins on the Ethereum network.

While many would anticipate the community to transfer its token to a new chain in the wake of the problems it caused during the launch of Yuga Labs' OtherSide Metaverse project, members of the community are hesitant to do so.

Migrating from the Ethereum environment, according to the Apecoin forum's suggestion, will have severe effects on the currency.

Migrating to a new chain was defined as a "costly, dangerous, and difficult enterprise" in the plan.

It went on to say that switching to a new network might be disastrous for the coin. Yuga Labs and other organizations that would have used ApeCoin may suffer a loss or perhaps desertion as a result.

Members of the community tend to be less enthusiastic about the thought of leaving because it would mean abandoning the original assets, which are linked to Yuga Labs' prior initiatives that inspired the establishment of APE.

ApeCoin's L2 Solution is Proposed by the Community

The proposal also said that Ethereum would continue to be ApeCoin's best home since the network has L2 solutions that may be leveraged to avoid network congestion and expensive gas prices.

The following is an excerpt from the proposal:

ApeCoin MUST stay on the Ethereum blockchain or in an L2 scaling solution guaranteed by the Ethereum blockchain. While this proposal does not make any recommendations for ApeCoin other than to stay on Ethereum, it does not prohibit future AIPs from advocating a transition to an Ethereum-secured L2 scaling solution.

Avalanche recently proposed to ApeCoinDAO that its Otherside Metaverse project be moved to one of its subnets. The smart contract-enabled network offered to provide technical assistance to make the transition as painless as possible. 

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