Over 53% of Ape Coin token users voted in favor of continuing its development on the Ethereum network.
After 6 days of voting, Ape Coin users, through the ApeCoin DAO, chose to continue on Ethereum.
Ape Coin, a token created for the governance of the Bored Ape Yacht Club (BAYC) community, available in the Bit2Me wallet, is a token based on the Ethereum ERC-20 standard, which was launched in March of this year to be the utility token dedicated to this NFT ecosystem, from Yuga Labs.
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Although the Ethereum blockchain is the leader for the development of smart contracts and decentralized applications (DApps) and the second most capitalized blockchain in the industry, its low scalability has caused the cost of transactions to grow exponentially. This has left many investors limited or even unable to use this blockchain for low-value transactions.
This was accentuated with the launch of Otherside, the digital land of Bored Ape and Yuga Labs' metaverse. During this launch, the cost of transacting on Ethereum rose to over $196 for simple transactions, recording the highest fees ever seen in the entire history of this blockchain.
Faced with this reality, the company Yuga Labs invited the project's governance to analyze the migration of the Ethereum token to its own, more scalable and sustainable network. But the crypto community rejected the proposal and decided that its path must continue on Ethereum, at least in the medium term.
Keeping Ape Coin within the Ethereum ecosystem
The governance proposal AIP-41Entitled “Keep ApeCoin within the Ethereum ecosystem”, refuted Yuga Labs' idea of creating its own network for Ape Coin.
Despite the current limitations of Ethereum, which still operates on the consensus protocol Proof of Work (PoW)The crypto community fully trusts its high level of security and stability, so it does not believe it is necessary for Ape Coin to migrate from it.
On the contrary, the governance proposal states that Migrating the Ethereum token to another blockchain is currently a “costly, risky and complex” process, which could result in a catastrophic loss for the community of users and owners.
Likewise, keeping Ape Coin on a different network than the one that inspired its creation, Yuga Labs NFTs such as Bored Apes, Mutant Apes or Otherside Deeds, which are developed on Ethereum, could also lead to unintended side effects.
Yuga Labs may no longer support or use Ape Coin in association with its NFTs, the proposal stated.
The Brilliant Ethereum Ecosystem
In addition to discussing the drawbacks and risks of migrating Ape Coin from Ethereum, the governance proposal also focused on highlighting the benefits of staying on the leading smart contract blockchain.
“Ethereum’s security remains unsurpassed”, the Ape Coin community noted in the governance proposal.
Ethereum continues to be The largest blockchain ecosystem in the crypto industry, bringing together thousands of projects, builders, liquidity and NFT users, who strive to advance the construction of a more decentralized, transparent and fair world.
Likewise, its second layer networks, such as Polygon Network and Optimism, have the security of Ethereum while allowing users to use the blockchain with Significant improvements on gas fees and transaction speed.
For all this and more, the Ape Coin community has decided to continue its development on the Ethereum blockchain.
According to the Snapshot portal, AIP-41 won with 3,8 million APE tokens, which represent the 53,62% of the project's governance. The votes against amounted to 3,3 million tokens; 46,38% of Ape Coin's governance.
Main image from Coin68
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