Following a week’s worth of discussion and deliberation, the ApeCoin DAO has voted for $APE to remain on the Ethereum network, citing reasons of security, complexity, and cost as the main motivation for the decision.
In April, a fateful Otherside launch saw confusion win out and gas prices spiral. So, in the immediate action, project developer, Yuga Labs, pointed out that it would require its own chain to scale suitably. Ever since discussion has spread as to how this would occur and what is the best way to manage it.
In its recent development, user BAYC 2491 presented a proposal as to why the project should stay on Ethereum. After which, a hard-fought victory for those in acceptance saw a healthy lead fall down as a number of ApeCoin whales joined in the battle. However, in the end, they held on to victory with a margin of 53.62% in favor of the remaining, and 46.38% against them.
In short, ApeCoin holders cast 7.1 million votes in total, suggesting that the majority of small investors in the coin desired to remain on Ethereum. In the meantime, many of those with larger portfolios at stake supported the option to transition to another network.
Going along, further proposals associated with a chain migration will remain on hold for a grace period of three months. After that, the community members will be free to submit additional recommendations on the matter.
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