The Apecoin community is debating whether the crypto asset should stay in the Ethereum ecosystem. While voting on AIP-41 begins today, the voting process for the proposal will close on June 8, 2022 at 9:00 PM ET. Meanwhile, the project’s native token, APE, has fallen 57% against the U.S. dollar in the past 30 days.
Apecoin community starts voting on whether the asset should continue to run on Ethereum
This week the Apecoin community is voting on whether the native token apecoin (APE) should stay on the Ethereum blockchain. The voting process was announced by the official Apecoin Twitter account to update the community. “The ballot proposal is AIP-41, which recommends that ApeCoin remain in the Ethereum ecosystem,” the tweet explained. “Voting closes next Wednesday, June 8 at 9pm ET, so be sure to vote before then.” The tweet also links to Apecoin Improvement Proposal (AIP) 41, which summarizes the debate.
The summary cites Yuga Labs, creator of the Boring Ape Yacht Club (BAYC), which at the time tweeted that APE needed to migrate to another blockchain. “It is clear that Apecoin needs to migrate to its own chain in order to scale properly,” the company said on April 30. According to AIP-41, the Apecoin DAO believes that “Apecoin should remain in the Ethereum ecosystem, not Migrate elsewhere to L1 chains or sidechains that are not protected by Ethereum.” The Apecoin DAO further stated:
Migrating to a different chain is a costly, risky and complex undertaking with many moving parts that can lead to catastrophic loss if not thought through, or, in the worst case, a compromise by Yuga Labs and others on Apecoin Meaningful entities give up.
Currently, much of the discussion is going both ways, as some people agree with the Apecoin DAO and others disagree. Some people mentioned scaling solutions like Arbitrum One, Zksync, Optimism, and Immutable X. Others could envision APE migrating to another chain like Avalanche. “Leaving Ethereum was really the worst decision they could make,” commented one person. Ethereum fees have dropped significantly recently, below $3 per transfer, but have started rising again this week as average gas fees for 0.0056 ETH or $9.87 per transfer.
Moving an ERC20 asset like apecoin (APE) can be more expensive than a simple ether transfer. Apecoin’s value fell sharply as the crypto asset fell 77.3% from its all-time high of $26.70 per APE set on April 28. Over the past month, APE is down 57%, while 7-day stats show that apecoin has lost 4.9% in value. APE’s total market cap today is around $1.77 billion, while apecoin’s 24-hour global trading volume has reached $252 million.
What do you think of the apecoin (APE) migration discussion? Let us know what you think about this topic in the comments section below.
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