BAYC’s native token, ApeCoin, will stay on Ethereum after the community chose to keep it on the current network.
A number of Bitcoin apps and Uniswap-based DEXs have exchanged chains in the past.
At the time of writing, ApeCoin was trading at $5.83, down 2.20 percent over the previous twenty-four hours.
The ApeCoin community opposes a switch.
ApeCoin, BAYC’s native money and a utility in the future Otherside metaverse, will stay on the Ethereum network since the community chose against it.
According to a tracker called Snapshot, over 54 percent of voters supported keeping ApeCoin on the Ethereum network. On Ethereum, over 3.8 million tokens voted in favor of maintaining the status quo, while 3.3 million tokens voted against it. Animoca Brands and Andreessen Horowitz, the company’s creators, have a large investment in the business.
When transaction costs rose during the sale of digital property parcels known as Otherdeeds last month, the discussion around ApeCoin’s retention on the Ethereum blockchain ignited.
Some acquirers using ApeCoin were required to pay a transaction charge that exceeded the cost of the digital land.
Yuga Labs, the creator of BAYC, suggests that the ApeCoin community, which oversees the tokens, consider launching its own blockchain.
Numerous crypto applications have migrated chains in the past, such as Uniswap’s DEXs, which began on Ethereum before expanding to other networks.
For instance, Dapper Labs has developed its own virtual products and game chain, Flow.
Switching to a new blockchain is an expensive, risky, and complicated endeavor with several moving parts that, if not properly handled, might result in turmoil or, worse, the desertion of Yuga Labs and other major ApeCoin enterprises.
The proposal said that the vote against transferring from Ethereum to another network does not prevent ApeCoin owners from considering migrating the token to a so-called L 2 blockchain, which leverages Ethereum as its backbone but provides cheaper transaction fees.
Due to its proof-of-work process, the Ethereum blockchain presents a threat to the environment. Recent efforts to transform the blockchain from a Proof of Work protocol to a Proof of Stake protocol may make it more eco-friendly.
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