The Apecoin community is discussing whether or not the crypto asset should remain in the Ethereum ecosystem. While voting on AIP-41 began today, the proposal voting process will end on June 8, 2022 at 9:00 p.m. ET. Meanwhile, the native APE project token has lost 57% against the US dollar in the past 30 days.
The Apecoin community begins voting on whether or not the asset should continue to operate on Ethereum
This week the Apecoin community is voting on whether or not the native token apecoin (APE) should remain on the Ethereum blockchain. The voting process was announcement by the official Apecoin Twitter account to update the community. “The proposal up for vote is AIP-41 which proposes ApeCoin to remain in the Ethereum ecosystem,” the tweet explains. “Voting closes next Wednesday, June 8 at 9 p.m. ET, so be sure to vote before.” The tweet also links the Apecoin Improvement Proposal (AIP) 41, which sums up the discussion.
The summary cites Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), when the company said in a Tweeter that the APE needed to migrate to another blockchain. “It seems quite clear that apecoin will need to migrate to its own chain in order to scale properly,” the company said on April 30. migrate elsewhere to an L1 chain or sidechain not secured by Ethereum. The Apecoin DAO further states:
Migrating to a different chain is an expensive, risky, and complex undertaking with many moving parts that can, if not thought through, result in catastrophic loss or, at worst, abandonment by Yuga Labs and other entities that would otherwise significant for Apecoin.
For now, much of the discussion is a two-way street, as some people agree with Apecoin DAO’s views and others don’t. Some people have mentioned scaling solutions like Arbitrum One, Zksync, Optimism, and Immutable X. Others may consider migrating from APE to another chain like Avalanche. One person commented and said, “Walking away from Ethereum is truly the worst decision they could ever make.” Ethereum fees have come down a lot lately, to less than $3 per transfer, but they are starting to rise again this week, as the average gas fee is 0.0056. ETH Where $9.87 per transfer.
The cost of moving an ERC20 asset like apecoin (APE) can be more expensive than a simple ether transfer. The value of Apecoin has fallen significantly, as the crypto asset is down 77.3% from its all-time high on April 28, hitting $26.70 by APE. Over the past month, APE is down 57% and seven-day stats show that apecoin has fallen 4.9% in value. APE has a global market capitalization of approximately $1.77 billion today, and apecoin had a global 24-hour trading volume of $252 million.
What do you think of the apecoin (APE) migration discussion? Let us know what you think about this topic in the comments section below.
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