Apecoin is currently discussing the future of the cryptocurrency asset. While AIP-41 voting started today, the proposal’s voting process will end on June 8, 2022, at 9 p.m. (ET). Meanwhile, the project’s native token APE has lost 57% against the U.S. dollar in the last 30 days.
Apecoin Community begins voting on whether or not Asset should continue operating on Ethereum
The Apecoin community will vote this week on whether the native token APE (Apecoin) should be retained on the Ethereum Blockchain. Voting was completed announcedTo keep up-to-date the community, follow the Apecoin Twitter Account. “The proposal up for a vote is AIP-41 which proposes ApeCoin to stay within the Ethereum ecosystem,” the tweet explains. “Voting ends next Wednesday, June 8th at 9PM ET, so be sure to vote before then.” The tweet also links the Apecoin Improvement Proposal (AIP) 41, which summarizes the debate.
This summary mentions Yuga Labs creators of Bored Ape Yacht Club, (BAYC). The company declared in a tweetAPE had to move to another blockchain. “It seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale,” the company said on April 30. According to AIP-41, the Apecoin DAO believes “ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum.” The Apecoin DAO further states:
Migration to another chain can be costly and risky. There are many moving parts. If not carefully considered, it could lead to catastrophic loss or worse, even abandonment by Yuga Labs, Yuga Labs, and other entities which would otherwise contribute meaningfully to Apecoin.
For now, much of the discussion goes both ways, as some people agree with the Apecoin DAO’s opinions and others do not. There were several scaling ideas mentioned, including Zksync (Optimism), Arbitrum One and Immutable X. APE could migrate to Avalanche, while others can imagine it. One person commented and said: “Moving away from ethereum is really the worst decision they can make.” In recent times, Ethereum fees have dropped a great deal, to under $3 per transfer, but they are starting to rise again this week as the average gas fee is 0.0056 ETH or $9.87 per transfer.
Moving an ERC20 asset such as apecoin can cost more than just an ether transfer. Apecoin’s value has dropped a great deal as the crypto asset is down 77.3% from its April 28 all-time high tapping $26.70 per APE. APE has seen a decrease of 57% in its value over the last month. Seven-day statistics show that apecoin’s value has fallen 4.9%. APE currently has a market capitalization around $1.77 Billion and has experienced $252 M in global 24-hour trade volume.
Let us know your thoughts on the discussion about apecoin’s (APE) migration. Comment below and let us know how you feel about the subject.
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