Several whales from the ApeCoin (APE) Decentralized Autonomous Organization (DAO) voted against the proposal to stay on Ethereum (ETH), signaling that, at least for the time being, the majority of whales favor moving to another chain.
ApeCoin Improvement Proposal (AIP) 41 urges that token holders continue to use Ethereum despite worries about gas costs.
However, at least three ApeCoin whales have voted against the scheme, sending 404,000, 153,000, and 151,000 APE, respectively, out of a total offer of 1 billion ApeCoins.
The request was granted by a whale that had 150,000 APE.
Currently, AIP 41 has around 53 percent votes against it and 47 percent votes for it, showing that the majority of whales support a migration.
Throughout the first days of voting, an overwhelming majority of individuals backed the proposition.
The proposal, which was submitted on May 1 by ASEC, a member of ApeCoin’s DAO, states that “migrating to a different chain is an expensive, risky, and complex undertaking with many moving parts that, if poorly coordinated, can lead to a catastrophic loss or, in the worst case scenario, abandonment by [project creator] Yuga Labs and other significant ApeCoin entities.”
Yuga Labs, the company behind one of the most popular collections of non-fungible tokens (NFTs), Bored Ape Yacht Club, is behind this request, arguing that ApeCoin should move to its own chain for scalability issues after Otherdeed’s entry clogged the Ethereum mainnet.
“We’re sorry to have taken Ethereum out of power during this time,” Yuga Labs said at the time, adding, “It seems quite clear that ApeCoin will need to migrate to its own chain in order to go live. scale correctly. We would like to encourage the DAO to start thinking in this direction.”
In the meanwhile, an examination of forum community comments suggests that the vast majority of users prefer continuing on Ethereum.
One user told ASEC,”I totally agree with your sentiment that we should NOT migrate from Ethereum as it gives us the best security and liquidity, ESPECIALLY with ETH 2.0 coming soon,”
Some users have pointed out that Layer 2 solutions may be used to grow the project. Another commenter said, “I think they should examine Arbitrum, Optimism, Zksync, and Immutable instead, use them as-is, or fork them and build upon them.”
The 39th most valuable coin by market value, APE, is now trading at $6.4, up 5.2% in one day and 2.7% in one week.
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