The ApeCoin DAO’s fresh plan to remain on Ethereum has received overwhelming community approval. It is in reaction to Yuga Labs’ recommendation that ApeCoin switch to its own chain for scaling purposes.
It Would Be “Catastrophic” to Leave Ethereum.
Despite the project’s recent troubles with gas fees, the ApeCoin community is presently voting on a fresh proposal to remain on Ethereum.
According to the proposal, submitted on May 1 by ApeCoin DAO member ASEC, “migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that, if not carefully considered, may result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise [be meaningful] to ApeCoin.”
Yuga Labs, the business behind the popular Bored Ape Yacht Club NFT collection and Otherside Metaverse project, stated on April 30 that it was “abundantly evident that ApeCoin… needed[ed] to migrate to its own chain” in the aftermath of the massive jump in gas costs during the Otherdeeds land mint. While the corporation made over $310 million from the sale of its plots, minters paid over $177 million in fees, choking Ethereum.
Avalanche was quick to reply, offering the ApeCoin community the opportunity to migrate to an Avalanche subnet, which it claimed would boost speed, cut gas fees, provide a better user experience, and add value to the APE coin. The proposal was shared by Avalanche Labs founder and CEO Emin Gün Sirer on Twitter, who commented that “ApeCoin would be fantastic as an Avalanche subnet.”
However, the ApeCoin community does not appear to be interested. The proposal to stay on Ethereum presently has 99.65 percent support and 0.35 percent opposition, despite the fact that only roughly 340,000 ApeCoin tokens have been committed out of a total quantity of 1 billion.
The proposal, in particular, advocates utilizing an Ethereum Layer 2 as a solution to gas fees, stating that leaving the chain on which Yuga Labs’ NFT projects exist would be damaging to ApeCoin in terms of liquidity, security, and network effects. It suggests Optimistic Rollups (like Optimism and Arbitrum) or ZK-Rollups (like Starknet or zkSync) as potential new ideas for keeping ApeCoin in the Ethereum ecosystem.
Immutable X, which officially published a proposal on the ApeCoin Governance Forum on May 25 for the project to transfer to Layer 2, is one possible answer for the ApeCoin community. Immutable X focuses on scaling NFTs with high liquidity and has already attracted prominent blockchain games like Illuvium, EmberSword, and Gods Unchained. The concept was positively appreciated by the ApeCoin Forum community.