ApeCoin Community Initiates Proposal to Have APE Remain on Ethereum, with 99% of Votes For the Idea

Summary:

• The ApeCoin Community has initiated a connection to support APE wrong the Ethereum ecosystem.
• 99.95% of the votes are truthful acold for the connection that ends connected June 9th.
• The connection nether AIP-41 points retired that migrating to a antithetic concatenation is simply a costly, risky, and analyzable endeavor that whitethorn effect successful catastrophic nonaccomplishment oregon abandonment by Yuga Labs.
• Additionally, Ethereum and its L2 solutions supply imaginable solutions.

The ApeCoin assemblage has initiated a caller proposal to person the APE token stay wrong the Ethereum ecosystem. The proposal, nether AIP-41, is inactive successful the voting stage, with 99.95% of participants agreeing that ApeCoin should stay wrong Ethereum. The ballot is ongoing and volition beryllium concluded connected June 9th astatine 4 am, arsenic highlighted successful the screenshot below.

Migrating ApeCoin to a Different Chain is simply a Costly, Risky, and Complex Endeavor

With respect to the justification for the proposal, the ApeCoin assemblage highlights that APE should stay wrong the Ethereum ecosystem and not migrate elsewhere owed to the imaginable antagonistic consequences of specified a move.

To statesman with, the ‘migrating to a antithetic concatenation is simply a costly, risky, and analyzable endeavor with galore moving parts that whitethorn if not thoughtfully considered, effect successful catastrophic loss, oregon astatine worst, abandonment by Yuga Labs and different entities that would different meaningfully to ApeCoin.’

The ApeCoin assemblage points retired that migration would mean moving distant from the archetypal assets tied to the Yuga Labs NFTs that inspired the instauration of APE. Such a separation volition effect successful the unintended script of ‘Yuga Labs nary longer supporting oregon utilizing ApeCoin successful relation with its NFTs similar Bored Apes, Mutant Apes, oregon Otherside Deeds.’

Moving ApeCoin Away from Ethereum is Unnecessary. L2 Could Provide a Solution.

The connection adds that the Ethereum ecosystem remains arsenic ApeCoin’s champion acceptable for a location owed to the pursuing reasons.

• Ethereum and its L2 solutions person proven to beryllium the preferred location for the largest collected ecosystem of NFT projects, builders, liquidity, and users. Moving distant from specified a instauration would beryllium ‘detrimental’ to the wellness of ApeCoin.
• Ethereum L2s amusement committedness arsenic solutions for precocious state fees and speed. A aboriginal AIP could research the imaginable of specified a solution for APE.
• Very fewer examples beryllium of projects migrating distant from Ethereum and the ERC20 protocol and continuing to thrive connected different chain.

The justification for the connection goes connected to reiterate that a consequent AIP could suggest a determination to an L2 scaling solution. It says:

ApeCoin MUST stay wrong Ethereum, oregon wrong an L2 scaling solution that is secured by the Ethereum blockchain. While this connection makes nary specified proposal for ApeCoin different than remaining connected Ethereum, it does not preclude consequent AIPs from suggesting a determination to an L2 scaling solution secured by Ethereum.