ApeCoin DAO, a governance system serving the democratic rights of ApeCoin (APE) holders — a digital asset tied to the Bored Ape Yacht Membership ecosystem — published an official proposal on Might 2 to debate whether or not the asset ought to stay on Ethereum, transition to a layer-2 different, or maybe discover the opportunity of chain migration.
The ApeCoin Enchancment Proposal, titled “AIP-41: Hold ApeCoin throughout the Ethereum ecosystem,” was authored by BAYC 2491, referred to as ASEC, and drew inspiration from quite a lot of incidents, together with the turbulent Otherdeed mint and subsequent Yuga Labs response.
The calamitous fallout of Yuga Labs’ Otherdeeds metaverse land sale intensely scrutinized the monetary limitations of Ethereum’s fuel payment mechanics and prompted the main members of the ApeCoin group to vocalize their issues round ApeCoin’s fastened provide contract and scalability potential.
The overwhelming deflation of the fuel wars, and lack of monetary inclusion or integrity, was then additional compounded by Yuga Labs’ poorly-calculated tweet insisting that “It appears abundantly clear that ApeCoin might want to migrate to its personal chain with the intention to correctly scale” and that “We’d prefer to encourage the DAO to begin pondering on this path.”
Regardless of the imploring suggestion from Yuga Labs, AIP-41 passionately advocated in opposition to the migration from Ethereum, stating that “such a call is at present too advanced and dear to make” and probably might injury their deep-rooted presence on the community with the most important quantity and cultural adoption of nonfungible tokens (NFTs).
“We the ApeCoin DAO imagine that, at the least in the meanwhile, ApeCoin ought to stay throughout the Ethereum ecosystem, and never migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.”
The whole votes on the proposal equated to three.8 million for and three.3 million in opposition to — a 53.62% break up. This end result shouldn’t be totally definitive and might be additional deliberated with the submission of recent proposals inside a three-month grace interval.