After a clamorous token launch formerly in March, the community of ApeCoin is looking to quit Ethereum. The proposal, called ApeCoin Improvement Proposal (AIP) 41, is issued to gather opinion from the token holders – in which many are the owners of Bored Ape Yacht Club (BAYC) NFTs – regarding their support for the commentary of Yuga Labs to introduce a proprietary blockchain to serve the community.
ApeCoin Community Appears to Be Disgruntled
The concept is witnessed following the earliest ApeCoin drop for the community. As there is a rise in the token’s demand, the gas fees on Ethereum (ETH) also escalated to a great extent, due to which the second prominent crypto asset became restricted for several of the consumers. The company at the back of the well-known NFT series posted a tweet on their official Twitter account stating that they apologize for a short-term termination in their connection with Ethereum after the airdrop of ApeCoin took place.
They added that it appears significantly clear that there would be a requirement for ApeCoin to shift to the token’s chain for adequate scaling. In their words, they would persuade the Decentralized Autonomous Organization (DAO) to consider this scenario. The package of the creations by Yuga Labs takes into account the BAYC collection, Bored Ape Kennel Club (BACK), and Mutant Ape Yacht Club (MAYC). The entirety of the respective projects is present on Ethereum. At the moment, the community is polling on if there should be a migration, according to the encouragement of Yuga Labs.
The ApeCoin Proposal
Particularly, AIP-41 recommends at the moment for ApeCoin community to stay within the ecosystem of Ethereum, instead of having a transfer to somewhere else such as some sidechain or L1 chain that is not having protection from Ethereum. Votes are being polled by the holders of ApeCoin who either favor or contradict the respective statement. Matt Galligan, the proposal’s co-author, mentioned that the earliest apprehension thereof is that the decision to shift to a diverse chain would be somewhat complicated thus it should not be taken in haste. According to him, he is confident that remaining under the span of Ethereum provides the platform with a resilient model of security.
Up till now, the inferences of voting have been showing a one-sided situation, as ninety-one percent of the token holders are in the support of the proposal. Only nine percent have cast vote in contradiction to the proposal while supporting the migration. The conclusion of the voting will occur on 9th June of this year.
An Apecoin owner, known on Twitter as “R3RUCHI,” who voted in favor of the proposal, stated that remaining within the Ethereum ecosystem is beneficial for APE owners because Ethereum is known as a financial center for several blockchains and APE aims to become the Metaverse currency, so it needs to stay within the center.
On the approval of the proposal, any further proposals issued by Yuga Labs in terms of ApeCoin’s migration would be restricted for at least 3 months after the conclusion of the current voting.
