The Apecoin community is in the midst of discussing whether or not the crypto asset should remain within the Ethereum ecosystem. While AIP-41 voting started today, the proposal’s voting process will end on June 8, 2022, at 9 p.m. (ET). Meanwhile, the project’s native token APE has lost 57% against the U.S. dollar in the last 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 to Apecoin Improvement Proposal (AIP) 41, which summarizes the debate.
The summary cites the Bored Ape Yacht Club (BAYC) creators Yuga Labs when the company stated in a tweet that APE needed to migrate to another blockchain. “It seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale,” the company said on April 30. According to AIP-41, the Apecoin DAO believes “ApeCoin should remain within the Ethereum ecosystem, and not 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 goes both ways, as some people agree with the Apecoin DAO’s opinions and others do not. Some individuals mentioned scaling solutions like Arbitrum One, Zksync, Optimism, and Immutable X. Others can envision APE migrating to another chain like Avalanche. One person commented and said: “Moving away from ethereum is really the worst decision they can make.” In recent times, Ethereum fees have dropped a great deal, to under $3 per transfer, but they are starting to rise again this week as the average gas fee is 0.0056 ETH or $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.
