The owners of ApeCoin have decided to keep the digital currency, which is considered a “key” factor for exclusive products and deals in the “meta-universe” space in the Ethereum blockchain, despite the high transaction fees on the network.
About 54% voted against leaving the Ethereum network, according to Snapshot, according to Bloomberg. Holders of about 3.8 million tokens voted against, against holders of 3.3 million in favor. Most of the coins belong to the creators of ApeCoin, including Andreessen Horowitz and Animoca Brands.
The debate over whether or not to stay on the Ethereum network was about the launch of the fees in May. Buyers of “digital land” have come to pay more for fees than for their purchase. The ApeCoin community, which manages the cryptocurrency, was thus considering setting up its own network.
ApeCoin gained 2.2% after the vote, to $ 5.86, according to CoinGecko. The token is moving 78% lower than its all-time high in late April.
A number of cryptocurrencies have changed blockchain platforms in the past.
“Moving to a different chain is costly, risky and complicated as a process, as it could lead to catastrophic losses,” the ApeCoin owners stressed in their proposal.
However, they do not rule out switching to Layer 2 blockchain, which will use Ethereum as its base but will offer much lower transaction fees.
Source: Capital
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