The ApeCoin group has permitted the proposal to maintain the $APE token on the Ethereum blockchain for now, regardless of some earlier worries in regards to the excessive price of transactions on the blockchain.
The AIP-41 proposal was favored by 53.6% of the group, who took to Twitter to share its place.
“ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain not secured by Ethereum,” it mentioned.
To date, almost 3.8 million token holders have rejected Yuga Labs’ earlier demand that referred to as for ApeCoin’s migration to its personal chain so as to scale.
Ethereum’s safety “second-to-none”
The dialog throughout the group to transfer away from Ethereum began in May when customers reported “failed transactions” through the mint and sale of Otherdeed NFT. High demand being pressured by means of “Ethereum’s bottleneck” and excessive charges paid to purchase the digital land sparked a debate.
The proposal acknowledges that “[m]igrating 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.”
Despite excessive gasoline prices incurred on Ethereum, the shift is proving ‘complex and costly’ for the DAO. ApeCoin additionally added that “Ethereum’s security remains second-to-none” at the moment, however that doesn’t take away the chances of future additions and transitions for the decentralized autonomous group.
The proposal additionally acknowledged, “[m]any Layer 2 solutions that are secured by Ethereum, and exhibit meaningful improvement over fees and speed, already exist and could potentially be explored in a future AIP.”
At the time of writing, APE stays the thirty ninth largest token, buying and selling within the value vary of $5.6 and $6 on CoinGecko.
Meanwhile, Ethereum has accomplished the Merge on the Ropsten testnet earlier than the Merge on the mainnet, which is anticipated this summer season.
However, for the reason that begin of the month, Ethereum continues to report excessive gasoline charges. For the month of June, Dune Analytics famous a spike in weekly Ethereum gasoline spent to settle L2 actions on the blockchain.
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