ApeCoin (APE) seems to want to stay on the Ethereum blockchain

ApeCoin had already encountered problems on the Ethereum blockchain. The project proposed solutions such as modifying the blockchain or creating its own structure. However, to make a decision, he decided to opt for a voting system in which each user can express their opinion. As voting unfolds, the Ethereum blockchain appears to remain the number 1 choice for the entire community.

Ongoing outcome of the APE project proposal

The decision of the ApeCoin project to switch to another blockchain

The departure of ApeCoin towards another blockchain remains a fairly recent piece of information. APE made this decision after encountering some problems with the Ethereum network. The project has published a proposal, Apecoin Improvement Proposal (AIP) 41 to ask community members if they should move to a new blockchain.

The main reason for this departure is the high prices of mint NFTs supported by ApeCoin. After the APE token price plummet this year, demand has increased dramatically as well as for associated NFTs. However, the price of gas on Ethereum has skyrocketed, which has made it more difficult for users to purchase the assets.

What was the decision and is it the right one?

Yuga Labs previously commented that switching to a new blockchain could lead to catastrophic results for ApeCoin. While on Saturday, users agreed 91% with this statement. Voting will continue until June 9 to determine whether or not the ApeCoin project should remain on the Ethereum blockchain.

If users want to leave Ethereum, it will undoubtedly be a very expensive and complex process. Staying on Ethereum would ensure the security of the ApeCoin token.

Is this the right decision for the whole community? There are in fact two solutions, leave or stay. The community is slowly splitting in two. The results are balanced on Sunday today, but the majority (56%) want to stay on Ethereum for the moment.

Especially since the Ethereum blockchain will stop using proof of work (PoW) to move to proof of stake (PoS). To do this, the project will migrate thanks to the development of the last phase ” The merger “Many Twitter users have commented that this will provide an opportunity for scalability for the entire ecosystem. This change will still be beneficial for the ApeCoin token and the entire community.

Conclusion

Finally, the vote is not over yet. The last day of voting is June 9th. So far, users seem to have a clear mind on this. Once the voting is complete and the proposal to remain on the Ethereum blockchain is approved, this would prevent Yuga Labs from submitting any proposals. APE migration to another blockchain network for the next three months. The next few days promise to be crucial enough for all APE holders.

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Emilio Stantina

Interested in investing and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is certainly the universal tool of tomorrow.

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