To Ethereum or not? Here’s what the ApeCoin community is deciding

ambcrypto.com:

On 2 May, ApeCoin DAO, a governance system that protects ApeCoin holders’ democratic rights — a digital asset linked to the Bored Ape Yacht Club ecosystem — published an official proposal. It discussed whether the asset should stay on Ethereum, migrate to a layer-2 alternative, or consider chain migration.

The final findings suggest that 53.59% of ApeCoin participants prefer to stay on Ethereum in the medium-term future. This, based on 7.1 million APE tokens cast during a six-day snapshot voting period.

Votes dropped from a high level of support (those in favor of ApeCoin DAO being on Ethereum) to fewer than 60%. At press time, 45.10% of ApeCoin holders opposed the plan to stay on Ethereum exclusively rather than migrate to other networks.

The “AIP-41: Keep ApeCoin within the Ethereum ecosystem” ApeCoin improvement proposal (AIP) was written by BAYC 2491, also known as ASEC. It was inspired by the turbulent Otherdeed mint and Yuga Labs’ reaction.

Following the launch of the Otherside NFTs, Yuga Labs triggered a network outage on Ethereum, with sky-high gas fees hitting $175 million. This prompted the BAYC developer to imply that ApeCoin would need to relocate to its chain.

The community, on the other hand, is set on staying on Ethereum for some valid reasons, as well as the fact that the DAO does not want to be separated from the profitable Yuga Labs. Especially since its NFTs are primarily stored on Ethereum. This is why AIP-41 passionately advocated against the migration from Ethereum saying –

“Migrating to a different chain is a costly, risky, and complex endeavour with many moving parts that, if not thoughtfully considered, may result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would