ApeCoin to stick to Ethereum; Community votes

Sahana Kiran
Source – Unsplash

Following the success of Bored Ape Yacht Club [BAYC], Yuga Labs wanted to embrace all things ape. As a result, ApeCoin [APE] made its debut. However, during its Otherdeed mint, the network encountered trouble due to high demand. The demand was so high that it went on to clog the Ethereum network. As a result, Yuga Labs took to Twitter and pitched the idea of APE’s migration onto another chain.


The afore seen tweet angered an array of people in the community. Several even suggested that Yuga Labs did this on purpose in order to migrate users onto another chain.

This further gave rise to the ApeCoin improvement proposal or AIP called “AIP-41: Keep ApeCoin within the Ethereum ecosystem.” The DAO wrote,

“We the ApeCoin DAO believe that, at least for the time being, ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.”

The proposal went live on 3rd June and garnered immense traction. At press time, about 53.62 percent with 3.8 million APE voted in favor of the proposal.

However, 46.38 percent employing 3.3 million APE voted against keeping ApeCoin within the Ethereum ecosystem. The snapshot was concluded earlier today.

Here’s why the community wanted to stick around with Ethereum

The aforementioned proposal was put forth by ASEC, an ApeCoin DAO member. ASEC pointed out that transition into a different chain was not the most advantageous choice. The DAO member suggested that the entire process would be expensive as well as risky. ASEC added,

“Migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to ApeCoin.”

Time and again in the proposal, ASEC went on to mention that moving away from a fully established network like Ethereum would be detrimental to ApeCoin’s health as well as DAO’s goals of sprucing up the ecosystem.