ApeCoin Community Narrowly Wins Vote to Stay on Ethereum
The majority of apecoin (APE) holders have voted in favor of a proposal that the token remains on the Ethereum (ETH) blockchain despite its high transaction fees.
The final results, which come after a six-day voting period that started on June 3, reveal that 53.62% of ApeCoin token holders support remaining on Ethereum, exceeding those against (at 46.38%) by a narrow margin.
In total, 7.1m APE tokens were cast during voting out of the APE 1bn supply. Of those votes, 3.8m voted 'in favor', while 3.3m voted 'against'.
Notably, this outcome is not absolute as new proposals can be submitted challenging the result after a three-month grace period.
Called ApeCoin Improvement Proposal (AIP) 41, the proposal was submitted by ApeCoin DAO member ASEC in early May and requested token holders to stay on Ethereum despite the issues surrounding gas fees.
The proposal stated that “migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by [project creator] Yuga Labs and other entities that would otherwise [be meaningful] to ApeCoin.”
The AIP-41 came in response to a suggestion by Yuga Labs, the entity behind the popular non-fungible token (NFT) collection Bored Ape Yacht Club, that argued ApeCoin should migrate to its own chain for scaling purposes after the Otherdeed mint clogged the Ethereum mainnet.
"We're sorry for turning off the lights on Ethereum for a while," Yuga Labs said at the time, adding: "It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction."
And an overwhelming number of voters were in favor of the proposal during the early days of voting.
However, after several major ApeCoin whales voted against the proposal, the competition increased. For some time, the majority of voters were even in support of migration to another chain.
Meanwhile, at 7:16 UTC on Thursday morning, APE is trading at USD 5.8, down by 2.4% over the past 24 hours. The coin is down by 5.1% over the past week and by 78.3% compared to its all-time high of USD 26.7 recorded in late April, according to CoinGecko.
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