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Home Bitcoin News

Divided ApeCoin Community Narrowly Approves Proposal to Stay on Ethereum – Decrypt

Crptoz by Crptoz
June 9, 2022
in Bitcoin News
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After a week-long voting period, Apcoin DAO’s proposal to stay within reach Ethereum dubbed the ecosystem AIP-41 Approved with a slight margin.

More than half of the voters supported the proposal, while 46.38% voted against the proposal. A total of 7.1 million ApCoins (APEs) were used in the voting process.

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A black box with blue stripes.
AIP-41 polling results. Source: snapshot,

one day after offer startsOnly 9% of the votes were against it.

a member, machi big brother (machibigbrother.eth) voted against the proposal using 1.2 million ApeCoin representing ~30% of the total votes against the proposal.

After the approval of AIP-41, no ApeCoin Improvement Proposal (AIP) on the migration from Ethereum to ApeCoin can be proposed for three months.

“It is now time for The DAO to work on a modification of the proposal process that is better suited to the complexity of moving Apcoin to another chain,” said Matt Galligan, co-author of AIP. decrypt,

Divided Apcoin Community

Given the hotly contested decision, not everyone in the Apcoin community is satisfied with the outcome.

Many are concerned about a three-month hiatus until the next offer, as it could reduce demand and curiosity around the ecosystem.

,It’s a cryptocurrency, and withholding any decision for a full 3 months, plus the time to vote and actually take action, is anything but simple., tweeted a member of a community. ,It has the potential to completely destroy the value of APE.”

,This AIP has no meaning. We should spend time on development/adoption” tweeted Bradley Zastro, member of a community. “Not passing resolutions where we agree to do nothing.”

“I must admit that I am concerned that we, the AppCoin DAO, collectively voted to disregard ideas that have not yet been submitted” tweeted a member of another community.

The management of the DAO is poor at this point. The team at the top is unknown.

— 0xStarmowa (@0xStarmowa) 8 June 2022

But other users supported the move to stay within Ethereum, including any layer-2 scaling solution involving the number two crypto network.

“Like you said sir! Voted to stay on eth” tweeted A user who supported the proposal. “Why moving away from liquidity and possibly security?” tweeted a member of another community.

apcoin price action

APE, the governance token that underpins the ApeCoin ecosystem, is currently trading at $5.90, down 1.2% over the past 24 hours. CoinMarketCap,

The 36th largest cryptocurrency with a market cap of $1.7 billion has risen more than 85.21% from its all-time high of $39.40 recorded in March 2022.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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