ApeCoin DAO Votes For $APE to Stay on Ethereum

In a proposal called ‘AIP-41: Keep ApeCoin within the Ethereum ecosystem’, ApeCoin DAO members have voted for the coin to stay on Ethereum, as opposed to finding a layer-2 alternative, or migrating to its own chain.

Six days and 7.1 million votes later, ApeCoin DAO, the governance system which serves the democratic rights of ApeCoin holders, has voted for the token to remain on Ethereum. In total, the proposal saw 3.8 million votes for, and 3.3 million votes against, which rendered a 53.59% split. 

Dubbed ‘AIP-41: Keep ApeCoin within the Ethereum ecosystem’, the proposal provided DAO members the decision of whether the coin (which is tied to the BAYC ecosystem, as well as the Yuga Labs’ Otherside metaverse) should remain on Ethereum, transition to a layer-2 alternative, or explore the possibility of building its own chain. 

As many will already know, the idea of the proposal was partly inspired by Yuga Labs’ controversial and poorly managed Otherdeed mint, which saw ETH gas fees reach astronomical highs. In the wake of the Otherdeed mint, Yuga Labs raised concerns over ApeCoin’s fixed supply contract and scalability potential while operating on Ethereum. 

Despite such concerns, ‘AIP-41’ advocated against the migration from Ethereum, stating that “such a decision is currently too complex and costly to make”. The DAO also believes that a deviation from Ethereum at this point in time may potentially damage its deep-rooted presence on the world’s largest NFT blockchain.

That being said, the outcome of the proposal is not entirely definitive. Rather, it was designed for deciding the ‘mid-term’ future of the coin. With this in mind, further deliberation and the submission of a new proposal after a three-month grace period is expected. 

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