ApeCoin Holders Vote Against Token Migration From Ethereum

The ApeCoin DAO community voted by a small margin against developer Yuga Labs’ proposal to move the APE token from the Ethereum network to another blockchain.

Yuga Labs suggested move ApeCoin from the Ethereum blockchain to another network to allow for better scaling. However, this idea split the community in two. According to results weekly voting, 53.6% of users (3.8 million APEs) were against it, and 46.3% (3.3 million APEs) agreed with the idea of ​​Yuga Labs. Large token holders had a great influence on the outcome of the vote. One opposing holder voted with 1.2 million APEs, representing 17% of the total vote.

Opponents of migration believe that for now, APE should remain in the Ethereum ecosystem and not migrate to first-tier solutions or sidechains that are not connected to this blockchain. Migration to another chain is a costly, risky and complex undertaking in which many factors must be taken into account. If something goes wrong, it can lead to big losses, and in the worst case, to the abandonment of the Yuga Labs product, ApeCoin DAO representatives say.

The Yuga Labs proposal generated a lot of feedback from blockchain creators who are ready to provide their infrastructure. For example, Ava Labs proposed running APE on a subnet based on the Avalanche blockchain. The developers of Immutable X, a second layer solution for the Ethereum blockchain, offered their platform as an option that would ensure the project’s smooth operation and the ability to stay in the Ethereum ecosystem. However, none of these proposals were put to the vote.

In March, Yuga Labs partnered with gaming company Animoca Brands, but their joint project was criticized by the community for requiring customer identification (KYC). ApeCoin has come under fire from Dogecoin co-founder Billy Markus, who believes that APE could harm the NFT space.


Source: Bits

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