DAO Vote Decides ApeCoin Will Remain on Ethereum

Greater than 7.1 million APE tokens held by over 800 DAO members voted on AIP-41.

ApeCoin Neighborhood Chooses Ethereum

ApeCoin will keep on Ethereum—in the meanwhile.

The AIP-41 snapshot vote closed early Thursday morning, with most voting energy opting to maintain ApeCoin inside the Ethereum ecosystem. 53.62% of the vote—or 3.8 million APE tokens—voted towards migrating ApeCoin to a Layer 1 or sidechain not secured by Ethereum.

Whereas the vote led to favor of an Ethereum-based ApeCoin, it swung wildly throughout the six-day voting interval. Initially, greater than 90% of votes backed holding APE on Ethereum. Nonetheless, three days in, a number of massive token holders entered the vote, swinging it in favor of transferring ApeCoin to a rival Layer 1 blockchain.

Whereas the ApeCoin neighborhood has since made it clear they need APE to remain inside the Ethereum ecosystem, the vote is just not fully definitive. DAO members can submit new proposals regarding the way forward for the token inside a three-month grace interval.

The vote to maintain ApeCoin on Ethereum was sparked by a sequence of tweets from the Bored Ape Yacht Membership creator Yuga Labs. Final month, Yuga suggested migrating APE to a Layer 1 blockchain with increased transaction throughput and extra cheap charges following its Otherside land NFT mint. The Otherside drop used a first-come, first-served mannequin to distribute the land NFTs, which, mixed with its unoptimized good contract code, led to gasoline wars that price minters hundreds of thousands in ETH. Yuga argued that migrating APE to a different blockchain would enable the mission to “correctly scale,” deferring blame for its botched mint sale on the community’s poor efficiency.

Whereas transferring APE to a rival Layer 1 seems to be off the desk, migrating it to an Ethereum Layer 2 chain remains to be a risk. Blockchain onboarding platform Immutable X has suggested ApeCoin transfer to its StarkEx-powered Layer 2 to learn from increased transaction throughput and decrease charges. Whereas Immutable’s proposal has obtained constructive suggestions on the ApeCoin DAO discussion board, it’s going to want extra assist from the neighborhood earlier than it might probably go to an official vote.

Disclosure: On the time of penning this piece, the creator owned ETH and several other different cryptocurrencies.

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