ApeCoin DAO, a governance system that serves the democratic rights of holders of ApeCoin – a digital asset linked to the Bored Ape Yacht Club ecosystem – released a formal proposal on May 2 to discuss whether the asset should remain on Ethereum, upgrade to a League Series alternative 2., or perhaps explore the possibility of transferring to another chain.
ApeCoin Improvement Project (AIP) entitled “ AIP-41: Maintain ApeCoin within the Ethereum ecosystem The author wrote BAYC 2491, known as ASEC, and was inspired by a number of events, including Otherdeed’s turbulent mint and subsequent Yuga Labs reaction.
The horrific result from the sale of Otherdeeds Metavers Yuga Labs highlighted the financial limits of Ethereum’s gas charging mechanics, and encouraged key members of the ApeCoin community to express their concerns about ApeCoin’s fixed supply contract and its scalability.
The brutal deflation of the gas wars, and the lack of financial inclusion or financial security, was exacerbated by Yuga Labs’ incorrect tweet insisting ” it’s pretty clear that ApeCoin will have to migrate to its own chain to scale right “, and” we would encourage the DAO to start thinking in this direction “.
Despite Yuga Labs’ imploring recommendation, AIP-41 passionately argued against migrating out of Ethereum, saying that “making such a decision is currently too complicated and costly to make,” and could damage its deep-rooted presence on the network with the largest. number and cultural acceptance of NFTs.
“We, the ApeCoin DAO, believe that ApeCoin should remain within the Ethereum ecosystem, at least until now, and not migrate to an L1 or side chain that is not sponsored by Ethereum.”
The proposal received a total of 3.8 million votes against 3.3 million votes, a distribution of 53.59%. That outcome is not entirely final and may be further discussed and new proposals submitted within a three month grace period.