ApeCoin Community Votes to Remain on Ethereum Despite High Fees

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ApeCoin DAO to Remain on Ethereum Despite High Fees, Scalability Worries
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The ApeCoin community has approved a proposal to temporarily keep the $APE token on the Ethereum blockchain, despite earlier concerns about high transaction costs on the blockchain.

The AIP-41 proposal received 53.6 percent support from the community, who shared its position on Twitter.

“ApeCoin should stay within the Ethereum ecosystem and not migrate elsewhere, rather than migrate to L1 chains or sidechains that are not protected by Ethereum,” it said.

To date, nearly 3.8 million token holders have rejected an earlier request by Yuga Labs for ApeCoin to migrate to its own chain to scale.

Tokenmetrics

Ethereum’s security is “second to none”

In May, there was a conversation within the community away from Ethereum when users reported “transaction failures” during the minting and sale of Otherdeed NFTs. The “bottleneck in Ethereum” forced high demand and high fees to acquire virtual land has sparked a debate.

The proposal recognizes that “[m]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, be compromised by Yuga Labs and others. ApeCoin meaningful entity abandonment. “

While Ethereum incurs high gas costs, the transition has proven to be “complex and expensive” for DAOs. ApeCoin also added that “Ethereum’s security remains second to none right now,” but that doesn’t eliminate the possibility of future additions and transitions of DAOs.

The proposal also states, “[m]Any layer 2 solution secured by Ethereum and showing meaningful improvements in fees and speed already exists and may be explored in future AIPs. “

At the time of writing, APE remains the 39th largest coin, trading at $5.6 and $6 on CoinGecko.

Meanwhile, Ethereum completed the merger on the Ropsten testnet ahead of the mainnet merger, which is expected to be completed this summer.

However, since the beginning of the month, Ethereum has continued to record high gas fees. In June, Dune Analytics noticed a weekly spike in Ethereum gas used to address L2 activity on the blockchain.

Source: Dune Analysis

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