Following a turbulent token launch in March, the conflict of interest around which blockchain will host apps has engulfed. As many buyers expressed dismay at the sale of the much-anticipated virtual land by Era Labs, a possible departure from Ethereum was suggested a solution. But more than half of Apcoin participants chose to stay there.
not moving away from ethereum
The ApeCoin DAO, the decentralized organization that enables APE holders to vote on governance decisions related to the token, issued an official resolution on May 2, debating whether ApeCoin should remain on Ethereum or migrate to other chains. needed. An anonymous user named BAYC 2491, also known as ASEC, came up with an ApeCoin Improvement Proposal (AIP) called “AIP-41: Place ApeCoin within the Ethereum ecosystem.”
The proposal states,
“We ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not move elsewhere on the L1 chain or sidechain that is not secured by Ethereum. “
Votes were drawn from APE holders who agree or disagree with this statement. Even as demand for the token surged to levels never seen before, gas fees on Ethereum skyrocketed, making it extremely expensive for many buyers, with a majority of 53.59%, the community’s final vote, Advocated against migration.
The AIP-41 also states that moving to a different chain would be a costly, risky and complicated affair that could lead to catastrophe if deliberate and even abandoned by Yug Labs and other entities. Is. The idea is to delay the migration other than Ethereum and provide Apcoin and The DAO to make the right decisions that will work best for all interested parties.
migration appeal
Yuga Labs’ suite of creations, such as the BAYC Collection, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), exist on the Ethereum blockchain. but the company encouraged ApeCoin to move in its chain in order of scale.
Last week, Ethereum-based Layer 2 NFT scaling platform Immutable submitted a proposal to The DAO to build the BAYC metaverse project Otherside on its blockchain network. Additionally, Ava Labs proposed a similar idea and rolled out the Metaverse project on the Avalanche subnet to “ultimately increase speed and enhance user experience while reducing gas charges.”
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