APECoin DAO votes are in and for now $APE remains on Ethereum


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.

Check out, ApeCoin whales refuse the proposal to remain on Ethereum

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.

Also Read, Yuga Labs refunds Gas Fees for Failed Transactions after Otherside Land Crashed on Ethereum

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.

Hungry for more information?

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

Share This Post

Related Posts

Meta Teams Up With Polygon Amid Web3 Expansion

It has been a wonderful week for Meta in...

Linux reveals Openwallet Foundation to Support Open-Source Crypto Wallets

On Tuesday, the Linux Foundation, a non-profit technology consortium,...

Ragnarok reports losses over $1 M amid crypto crash

Ragnarok is a metaverse role-playing game that revealed its character NFTs...

Google marks “Ethereum Merge” with an Easter Egg

As a sign of support for the upcoming Ethereum...

Polygon CEO reveals Terra project Migration

More than 48 projects previously on the Terra network...