ApeCoin Community Votes to Remain on Ethereum Despite High Fees

Despite some earlier concerns about the high cost of transactions on the blockchain, the Apcoin community has approved a proposal to place the $APE token on the Ethereum blockchain.

The AIP-41 proposal was supported by 53.6% of the community, who shared their position on Twitter.

“Apecoin must remain within the Ethereum ecosystem, and must not be transferred elsewhere on the L1 chain or sidechain that is not secured by Ethereum,” it said.

Voting on Snapshot for AIP-41 has ended $ape In the Ethereum ecosystem for some time, which has been approved by the community. You can view the full offer here: https://t.co/nJQ9Q7kDWM

— apcoin (@apecoin) 9 June 2022

To date, approximately 3.8 million token holders have rejected an earlier demand from Yuga Labs that called for Epcoin to be moved to its chain in order to scale.

We’re sorry to temporarily turn off the lights on Ethereum. It seems fairly obvious that Apcoin will need to migrate across its chain in order to scale properly. We want to encourage the DAO to start thinking in this direction.

— Yuga Labs (@yugalabs) 1 May 2022

Ethereum’s Security “Second-to-None”

Conversations within the community to move away from Ethereum began in May after users reported “failed transactions” during the minting and sale of other deed NFTs. The high demand being forced through the “Ethereum bottleneck” and paying high fees to acquire virtual land gave rise to a debate.

accepts the offer that “[m]Moving to a different series is a costly, risky and complicated endeavor with many moving parts that, if not carefully considered, could lead to catastrophic losses, or worst, abandonment by Era Labs and other entities that would otherwise Would be worthwhile for Apcoin.

Despite the high gas cost on Ethereum, this change is proving to be ‘complicated and costly’ for The DAO. ApeCoin also said that currently “Ethereum’s security is second-to-none”, but this does not remove the possibilities of future additions and transitions to a decentralized autonomous organization.

The proposal also states, “[m]Any Layer 2 solutions that are secured by Ethereum, and demonstrate meaningful improvements in fees and speed, already exist and could potentially be explored in future AIPs.”

At the time of writing, APE remains the 39th largest token, trading in the price range of $5.6 and $6 on CoinGecko.

Meanwhile, Ethereum has completed the merge on the Ropsten testnet ahead of the merge on the mainnet, which is expected to happen this summer.

However, since the beginning of the month, Ethereum has continued to record high gas charges. For the month of June, Dune Analytics noted a spike in weekly Ethereum gas spent organizing L2 activities on the blockchain.

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