- ApeCoin pledges its support for Ethereum blockchain after Yuga Labs’ concerns
- ApeCoin DAO voted 53.6% in favor of continuing hosting under the Ethereum ecosystem
- The voting process was carried out through Snapchat
The ApeCoin community has pledged its vote towards supporting and building its ApeCoin presence in the Ethereum blockchain ecosystem.
Yuga Labs, BAYC’s creator, had earlier suggested having the ApeCoin token operate on its own conceived blockchain network. ApeCoin DAO voted 53.6% in favor to keep building within the Ethereum ecosystem.
The voting process was carried out through the Snapchat social media app.
ApeCoin polls real tight
It was a tightly contested issue as 3.3 million APE votes were against the move while 3.8 million APE votes were in favor of the shift towards an independent blockchain mechanism.
The proposal prescribed that the migration to a different chain was a risky, complex and costly affair that may result in a catastrophic loss in the virtual neural net of many moving parts.
A key takeaway from the voting session was the 1.2 million APE bid against the proposal by a single investor. This alone, accounted for about 17% of the total vote which really shows the lengths to which the proposal was deemed to fail.
It was reported that the top 13 voting members controlled about 56% of the total tokens in the polls.
Yuga labs, the initiator of the Bored Ape Yacht Club collection of Non-Fungible Tokens (NFTs), spearheaded the discussion over the ApeCoin token and its future in the blockchain space.
The blame on the Ethereum network
The ApeCoin is currently relying on the Ethereum blockchain ecosystem despite gathering capital through the sale of land earlier in the year.
ApeCoin later blamed the Ethereum network for not being able to facilitate the high demand.
Yuga labs hence advised ApeCoin Community to shift to its own blockchain ecosystem so as to address the rising demand by encouraging DAO to start focusing on this particular frontier.
The ApeCoin Community has also been pushing for its pilot project, Otherside Metaverse, which is set to cost about $ 317 million as per the report in April.
Other blockchains have been knocking
After the failure to address the demand spike in the Ethereum blockchain, several proposals were laid out by a myriad of entities. The Avalanche technocrats, Ava labs, proposed that ApeCoin and Otherside metaverse should be hosted on the Avalanche subnet.
This move would allow ApeCoin to use its native token as a way of clearing transaction fees and enable a secure and decentralized platform.
Another proposal by ImmutableX suggested that ApeCoin using the ImmutableX network would boost user experience (UX) by making it smoother and faster despite remaining in the Ethereum ecosystem.
This dilemma comes in as the Ethereum blockchain prepares to launch its much-awaited merge.
