ApeCoin DAO believes there isn’t any must migrate to new chain
The providing of ApeCoin was an entire catastrophe for the Ethereum network, which skilled large points with community congestion after a flurry of transactions appeared on the community, inflicting a greater than tenfold spike in transaction charges. Afterward, builders of APE made a migration proposal.
Neighborhood doesn’t suppose so
Because the voting suggests, the group will not be in favor of transferring to a different chain from Ethereum. At the moment, 99% of all voters need to maintain the coin on the ETH chain, with out worrying about migration of their funds on a chain that might be developed individually and should have some sudden points with functioning.
Proper after the providing, Yuga Labs advised the group that they consider that ApeCoin wants to maneuver to its personal chain for correct scaling since Ethereum triggered plenty of issues for traders and potential consumers that had been pushed away due to extraordinarily excessive charges.
The ApeCoin DAO said that they don’t suppose ApeCoin wants a separate chain proper right here and now. APE would be capable of operate and develop inside the Ethereum ecosystem with out migrating to one other L1 chain.
Points with migration
The primary drawback with making a separate L1 chain is compatibility with different chains and potential technical points which will happen for the reason that BAYC developer has not but had any expertise creating its personal chain and an ecosystem round it.
After the coin providing, some customers advised that the issue was not the Ethereum chain however slightly a flawed design of a wise contract, which triggered community congestion and a resultant spike in transaction charges on Ethereum.
At press time, APE trades at $6.15.