ApeCoin Community Votes on Migration or Stay With Ethereum Blockchain

ApeCoin Community Votes on Migration or Stay With Ethereum Blockchain
  • There is a link to AIP 41, which sums up the discussion, in the tweet.
  • This week, the average gas charge for Ethereum transactions is 0.0056 ETH.

The Apecoin community is debating whether or not digital currency should stay inside the Ethereum network. Voting on AIP-41 began on Monday, although the proposal’s voting process will expire at 9 p.m. on June 8, 2022. (ET). APE, the native token of the project, has fallen 57% versus the US dollar during the previous 30 days.

The topic is quite significant as to whether or not the native token Apecoin (APE) should stay on the Ethereum blockchain or move to a new blockchain. The official Apecoin Twitter account informed the community about the voting process. Specifically, the tweet states, “The proposal up for a vote is AIP-41 which proposes ApeCoin to stay within the Ethereum ecosystem.” Furthermore, if not done, it urges to vote by 9 p.m. ET on Wednesday, June 8. There is a link to AIP 41, which sums up the discussion, in the tweet.

Migration a Complex Endeavour

According to the executive summary, Yuga Labs announced in a tweet, APE must transition to a different blockchain. The firm said on April 30, “It seems abundantly clear that apecoin will need to migrate to its own chain in order to properly scale.” According to AIP-41, the Apecoin DAO thinks ApeCoin should stay inside the Ethereum ecosystem and not move outside to an L1 chain or sidechain not protected by Ethereum.

The Apecoin DAO further states:

“Migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may, if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to Apecoin.”

This week, the average gas charge for Ethereum transactions is 0.0056 ETH, or $9.87 per transfer, a significant increase over the previous week’s average of under $3.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.