NFT: ApeCoin DAO Monkeys Decide To Stay On Ethereum – From Boredom To Sleep

Still no avalanche of monkeys! – The decentralized autonomous organization, ApeCoin DAO, started a vote on May 2, 2022. The proposal was to whether ApeCoin (APE) should remain on the Ethereum blockchain. The DAO also investigated the possibility of switching to an alternative layer 2 or another blockchain. The owners of ApeCoin, through the governance system, have finally decided. Indeed, the final votes reveal it 53.62% of participants want to stay on Ethereum middle term. The digital asset linked to the Bored Ape Yacht Club ecosystem therefore remains, for the moment, on its initial blockchain.

The reasons for the ApeCoin DAO vote

ApeCoin’s improvement proposal, titled ” AIP-41: Keep ApeCoin in the Ethereum ecosystem“, Was written by BAYC 2491, better known as ASEC. A series of accidents inspired him for this vote. We remember in particular the chaotic mint of plots of other acts and the Yuga Labs reaction.

The disastrous relapse from the sale of the land of Otherdeed for the metaverse of Yuga Labs has brought to light the limits of the mechanics of the Ethereum gas tariff. They pushed prominent members of the ApeCoin community to do so express their concerns regarding the scalability potential of the asset.

The overwhelming deflation of the gas war and lack of financial inclusion or integrity was then compounded by the silly tweet from Yuga Labs.

“It seems pretty clear that ApeCoin will have to migrate to their blockchain to scale properly. We would like to encourage the DAO to start thinking in this direction. “

Tweet from Yuga Labs

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The antics on Ethereum can continue

Despite Yuga Labs ‘tip, the AIP-41 rating showed monkey currency holders’ determination not to give up Ethereum. According to these, “Such a decision is currently too complex and too expensive to be made”. Investors believe that a migration could potentially harm their entrenched presence on the highest-volume network and non-fungible tokens (NFT).

The voting results showed that 3.8 million ApeCoin DAO users were in favor of staying on the Ethereum blockchain despite 3.3 million against it.  53.62% of investors therefore decided not to abandon their favorite blockchain.
Most ApeCoin DAO users want to stay on Ethereum

“We, ApeCoin DAO, believe that, at least for now, ApeCoin should remain in the Ethereum ecosystem and not migrate to another blockchain or layer 2 not protected by Ethereum. ”

ApeCoin DAO statement

The voting results proved this 3.8 million users would remain on the Ethereum blockchain despite 3.3 million are against. 53.62% of investors therefore decided not to abandon their favorite blockchain. However, this result is not definitive. It can still be discussed with the submission of new proposals within three months. Monkeys are constantly evolving. Moreover, a vulnerability has just been fixed in the code of Bored Ape Yacht Club NFTs.

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