BAYC’s Apecoin to Stay on Ethereum Ecosystem

BAYC’s Apecoin to Stay on Ethereum Ecosystem
  • The favor vote is around 54% as well as the margin for winning is very thin.
  • The after effect of the land sales in the metaverse led to the vote polling.

The proposal AIP-41, to keep Apecoin (APE) in the Ethereum ecosystem has been voted in favor with 3.8M APE which counts to 53.62%. The voting process started on June 3 and polling ended on June 9. APE for the time being is not going to migrate to any L1 chain or sidechain.

The thought of transfer was initiated by Bored Ape Yachts during the gas war that happened in their last metaverse land sale. On April 30, Unfortunately, the sale turned out to be a disaster within hours of starting. Ethereum was not able to process the long minting queue and in turn, the gas fees skyrocketed.

Due to this misevent, Yuga labs cut off the ties with Ethereum and started planning for its blockchain. Though the decision was not so welcoming among the Apecoin users, the proposal was brought to the community portal for decision.

Strong Opposition 

The margin at which the proposal got passed is very minimal, exactly 46.38% which means 3.3 Million APE. One such voter with 1.2 million APE voted against the proposal, which makes up around 30% of the total voting power. 

The comments on Twitter can also be seen as follows, the AIP proposed is a waste of time, instead, the Yuga lab should focus on development and adoption. Another concern is that poor Ethereum working will destroy the value of APE.

The current price of APE is $5.78, the market cap is $1 billion and the volume in the last 24 hrs is $195 million.

APE Price Chart (Source: CMC)

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