The future of APE tokens appears to be set in the Ethereum network as a new proposal has been initiated by the ApeCoin community to keep the token on the blockchain of the second largest crypto asset by market cap.
The proposal is titled AIP-41, and its fate will be determined by the outcome of a voting process scheduled to end by June 9th.
As of press time, over 99% of the votes that have been cast have been in support of keeping the APE tokens on the Ethereum network.
While many would have expected the community to migrate its token to a new chain because of the issues it generated during the launch of Yuga Labs’ OtherSide Metaverse project; community members appear reluctant to move the coins away from Ethereum.
According to the proposal published by the Apecoin forum, migrating from the Ethereum ecosystem will have negative consequences on the token.
The proposal described migrating to a new chain as a “costly, risky, and complex endeavor.”
It further indicated that the migration to a new network could be catastrophic for the coin. It could result in the loss or even abandonment by Yuga Labs and other entities that would have used ApeCoin.
Community members also appear not to be thrilled by the prospect of leaving because it would be equivalent to moving away from the original assets, which are tied to the Yuga Labs other projects that inspired the creation of APE.
Community Proposes L2 Solution for ApeCoin
The proposal also maintained that Ethereum remains ApeCoin best home because the network offers L2 solutions that can be used to circumvent the network congestion issues and high gas fees.
Part of the proposal reads:
ApeCoin MUST remain within Ethereum or within an L2 scaling solution that is secured by the Ethereum blockchain. While this proposal makes no such recommendation for ApeCoin other than remaining on Ethereum, it does not preclude subsequent AIPs from suggesting a move to an L2 scaling solution secured by Ethereum.
Just recently, Avalanche submitted a proposal to ApeCoinDAO to migrate its Otherside Metaverse project to one of its subnets. The smart contract-enabled network promised to offer technical support to make the migration seamless.