Share this article
More than 7.1 million APE tokens voted on AIP-41 with over 800 DAO members.
Apcoin Community Picks Ethereum
Apcoin will remain on Ethereum for the time being.
The AIP-41 snapshot vote closed early Thursday morning, with a majority of voting power opting to keep ApeCoin within the Ethereum ecosystem. 53.62% of the vote—or 3.8 million APE tokens—voted against migrating AppCoin to a layer 1 or sidechain that is not secured by Ethereum.
While the vote ended in favor of Ethereum-based AppCoin, it rose wildly during the six-day voting period. Initially, over 90% of the votes favored placing APE on Ethereum. However, in three days, several large token holders entered the vote, swinging it in favor of moving Apcoin to the rival Layer 1 blockchain.
While the Apcoin community has since made it clear that they want APE to remain within the Ethereum ecosystem, the vote is not entirely certain. DAO members can submit new proposals related to the future of the token within a grace period of three months.
The vote to put Apcoin on Ethereum was triggered by a series of tweets from Yug Labs, the creator of Bored Ape Yacht Club. last month, era suggested Migrating APE to a Layer 1 Blockchain with higher transaction throughput and more affordable fees followed by its other lands NFT mint. Otherside Drop used a first-come, first-served model to distribute land NFTs, which combined with its optimized smart contract code led to gas wars, costing millions in ETH. Yuga argued that moving APE to another blockchain would allow the project to “scale properly”, blaming the network’s poor performance for its poor mint sales.
While moving APE to Rival Layer 1 appears to be off the table, moving it to the Ethereum Layer 2 chain is still a possibility. Blockchain onboarding platform ImmutableX has suggested moving AppCoin to its StarkX-powered Layer 2 to benefit from higher transaction throughput and lower fees. While Immutable’s proposal has received a positive response on the Apcoin DAO forum, it will need more support from the community before it can go to an official vote.
Disclosure: At the time of writing this article, the author owned ETH and several other cryptocurrencies.
