The Apecoin community is in the midst of debating whether crypto assets should stay within the Ethereum ecosystem, with voting on AIP-41 opening today, but the voting process is scheduled to conclude on June 8, 2022 at 9:00 PM ET. Meanwhile, the project’s native token, APE, has lost 57% against the US dollar over the past 30 days.
Apecoin Community Begins Voting on Whether or Not Asset Remain Operating on Ethereum
This week, the Apecoin community is voting on whether the native tokenapecoin (APE)should remain on the Ethereum blockchain. The voting process wasannouncedby Apecoin’s official Twitter account to update the community.” The proposal being voted on is AIP-41, which proposes that Apecoin remain within the Ethereum ecosystem.” The tweet explained.” Voting will close next Wednesday, June 8 at 9pm EST, so be sure to vote before then.” The tweet also linksto Apecoin Improvement Proposal (AIP) 41,which summarizes the discussion.
This summary quotes Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), when they stated in atweetthat APE needs to move to a different blockchain.” It seems quite clear that in order to scale properly, apecoin needs to move to its own chain.” The company stated on April 30 that, according to AIP-41, Apecoin DAO believes that “Apecoin should remain within the Ethereum ecosystem and should not migrate elsewhere to L1 chains or side chains that are not protected by Ethereum.” Apecoin DAO further states.
Migrating to another chain is a costly, risky, complex endeavor with many moving parts that, if not thought through, could result in catastrophic losses, or worse, abandonment by Yuga Labs or other meaningful entities to Apecoin The following is a brief overview of the situation.
So far, much of the discussion has been on both sides of the debate, as some people agree with the Apecoin DAO and others disagree. Some individuals mentioned scaling solutions such as Arbitrum One, Zksync, Optimism, Immutable X, etc. Others envisioned APE moving to another chain, such as Avalanche. One commented and said, ” Leaving Ethereum is really the worst decision they could make.” Recently, Ethereum fees have dropped significantly, to under $3 per transfer, but are starting to rise again this week, as the average gas fee is 0.0056 , ETHor. $9.87 per transfer.
The cost to move an ERC20 asset like Apecoin (APE) can be higher than a simple ether transfer; Apecoin’s value is $26.70 per APE, the crypto asset’s all-time high on April 28 It has fallen significantly since tapping a 77.3% decline. Over the past month, APE is down 57%, and over the seven-day statistic, Apecoin is down 4.9% in value.APE’s overall market capitalization is about $1.77 billion today, and Apecoin’s 24-hour global trading volume is $252 million.
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