NFT Ethereum News

ApeCoin Community Initiates Proposal to Have APE Remain on Ethereum, with 99% of Votes For the Idea


The ApeCoin community has initiated a new proposal to have the APE token remain within the Ethereum ecosystem. The proposal, under AIP-41, is still in the voting stage, with 99.95% of participants agreeing that ApeCoin should stay within Ethereum. The vote is ongoing and will be concluded on June 9th at 4 am, as highlighted in the screenshot below.

Proposal, under AIP-41

Migrating ApeCoin to a Different Chain is a Costly, Risky, and Complex Endeavor

With respect to the justification for the proposal, the ApeCoin community highlights that APE should remain within the Ethereum ecosystem and not migrate elsewhere due to the potential negative consequences of such a move.

To begin with, the ‘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.’

The ApeCoin community points out that migration would mean moving away from the original assets tied to the Yuga Labs NFTs that inspired the creation of APE. Such a separation will result in the unintended scenario of ‘Yuga Labs no longer supporting or using ApeCoin in association with its NFTs like Bored Apes, Mutant Apes, or Otherside Deeds.’ Read More at ETHEREUMWORLDNEWSCRYPTOCASTER® - DECENTRALIZED FREEDOM!

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