The ApeCoin DAO Has Spoken – $APE Stays on Ethereum, For Now
Following a weeks’ worth of discussion and deliberation, the ApeCoin DAO has voted for $APE remain on the Ethereum network, citing reasons of security, complexity and cost as the main motivation for the decision.
Back in April, a disastrous Otherside launch saw confusion win out and gas prices spiral. So, in the immediate aftermath, project developer, Yuga Labs, suggested it would require its own chain to scale properly. Ever since, discussion has spread as to how this would occur and how best to manage it.
In its latest development, user BAYC 2491 submitted a proposal as to why the project should remain on Ethereum. After which, a hard-fought victory for those in favour saw a healthy lead crumble as a number of ApeCoin whales joined in the fray. In the end however, they held on to victory with a margin of 53.62% in favour of remaining, and 46.38% against.
All in all, ApeCoin holders cast 7.1 million votes in total, indicating that the majority of small investors in the coin chose to remain on Ethereum. Meanwhile, many of those with larger portfolios at stake backed the option to transition to another network.
Going forward, further proposals relating to a chain migration will remain on hold for a grace period of three months. After which, community members will be free to submit further recommendations on the matter.
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