Apecoin DAO Decided To Remain In The Ethereum Ecosystem

The ApeCoin DAO decided to remain in the ethereum ecosystem after a six-day snapshot voting period and the final results revealed that 53% of the participants wanted to remain on Ethereum, while 7.1 milion APE tokens were cast in total so let’s read more today in our latest Ethereum news.

The Apecoin DAO decided to remain in the ETH ecosystem while it is a governance system that serves the democratic rights of the ApeCoin holders and it recently published an official proposal to debate whether the asset will remain on the network or transition to a layer 2 alternative. The Ape coin improvement proposal dubbed AIP:41 Keep ApeCoin within the Ethereum ecosystem was authored by BAYC 2491 and got its inspiration from a number of incidents like the Otherdeed mint and the Yuga Labs reaction.

The fallout of Yuga Labs’ Otherdeeds metaverse land scale scrutinized the financial limitations of the Gas fees for merchants on the Ethereum network and prompted the leading members of the community to voice their concerns around the fixed supply contract and the scalability potential. The deflation of the gas wars and the lack of financial inclusion was further compounded by the poorly calculated tweet by Yuga Labs which seems clear that ApeCoin will have to migrate to their own chain and scale properly so that they would like to encourage that DAO to start thinking in this direction.

Despite the suggestions from Yuga Labs, the proposal advocated against the migration from Ethereum and stated that this decision is too complex and expensive to make but that also it can damage the presence on the network with the biggest volume adoption of NFTs:

“We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.”

The total votes for the proposal hit 3.8 million for 3.3 million against the 53% split.
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This outcome was not definitive and can be deliberated further with the submission of new proposals in a three-month grace period.