ApeCoin DAO, a governance system that ensures the democratic rights of ApeCoin holders – a digital asset associated with the Bored Ape Yacht Club ecosystem – published a formal proposal dated May 2 to discuss whether the asset should remain in Ethereum, move to a tier 2 alternative, or perhaps explore the possibility of a chain migration.

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The ApeCoin Improvement Proposal (AIP) titled “AIP-41: Keep ApeCoin in the Ethereum Ecosystem” was created by BAYC 2491, known as ASEC, and drew inspiration from a number of incidents including the turbulent Otherdeed Mint and subsequent Yuga Labs. reaction.

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The catastrophic effects of Yuga Labs’ sale of land in the Otherdeeds metaverse has led to scrutiny of the financial limitations of Ethereum’s gas fee mechanics and prompted leading members of the ApeCoin community to express their concerns about ApeCoin’s fixed supply contract and scalability potential.

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The overwhelming deflation of the gas wars, and lack of financial integration or fairness, was then exacerbated by a poorly timed tweet from Yuga Labs arguing that “It seems quite clear that ApeCoin will need to migrate to its own network in order to properly scale.” “, and that “we would like to encourage the DAO to start thinking in this direction.”

Despite a pleading suggestion from Yuga Labs, AIP-41 has passionately opposed migration from Ethereum, stating that “such a solution is currently too difficult and expensive to adopt” and could potentially damage their deep-seated presence on the network with the largest volume and cultural adoption. NFT.

“We, ApeCoin DAO, believe that, at least for now, ApeCoin should remain in the Ethereum ecosystem and not migrate anywhere else to the L1 chain or non-Ethereum-secured sidechain.”

General vote offers equals 3.8 million for and 3.3 million against – a split of 53.59%. This result is not entirely final and may be further reviewed when new proposals are submitted during the three-month grace period.