The ApeCoin DAO has spoken


After a week of discussion and deliberation, the ApeCoin DAO voted in favor of $APE remaining on the Ethereum network, citing security, complexity, and cost reasons as the main motivation for the decision.

In April, a disastrous launch of Otherside caused the confusion to win and gas prices to skyrocket. So, right after, the developer of the project, yuga labssuggested that you would need your own chain to scale properly. Since then, there has been widespread discussion about how this would happen and how best to handle it.

In his latest build, BAYC user 2491 submitted a proposal as to why the project should stay on Ethereum. After which, a hard-fought victory for those in favor saw a healthy lead unravel as several ApeCoin whales joined the fray. In the end, however, they clung to victory with a margin of 53.62% in favor of stayingand 46.38% against.

In total, ApeCoin holders cast 7.1 million votes in total, indicating that the majority of small investors in the coin chose to remain in Ethereum. Meanwhile, many with larger wallets at stake backed the option of transitioning to another network.

Going forward, additional proposals related to a chain migration will remain on hold for a grace period of three months. After which, community members will be able to submit further recommendations on the matter.

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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended as educational material only. People are required to fully research any product before making any type of investment.


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