ApeCoin Holders Vote To Remain With Ethereum Blockchain Despite High Gas Fees
According to Snapshot data, the Apcoin community has decided to stay on the Ethereum blockchain.
54 percent of APE tokens were cast in favor of keeping the project within the ecosystem.
In early May, a virtual land sale organized by Era Labs rendered the Ethereum network temporarily unusable due to skyrocketing fees. Users were reportedly forced to spend thousands of dollars for individual transactions due to excessive network congestion.
Era Labs apologized for turning off the lights on Ethereum with its giant NFT mint and suggested that it would need to move to its on-chain to prevent such disasters in the future.
Most of the community members decided that it would be too expensive and risky for the project to switch to another series.
Ethereum has been battling excessive gas charges for years. CryptoKitties, the very first popular NFT project, shut down the entire network in December 2017.
The failure of the second largest blockchain to scale properly has resulted in the rise of high-throughput blockchains such as Solana. On Wednesday, the Ropsten testnet completed its merger with the Beacon chain, a major milestone ahead of the network’s transition to the much-anticipated Proof-of-Stake.While dramatically reducing Ethereum’s energy consumption, the much-anticipated upgrade is not expected to have a significant impact on gas charges at the moment.
AppCoin, the token behind the Bored Ape Yacht Club NFT collection, launched in March to much fanfare, but the hype quickly faded away. The token is currently ranked 36th.
