ApeCoin is Staying: Community Agrees To Keep Token On Ethereum

• ApeCoin, the native token of BAYC, will persist on Ethereum as the community has decided to keep it on the current blockchain.
• A number of cryptocurrency apps have switched chains before, and even some DEXs involving Uniswap did that.
• As of now, ApeCoin was trading at a market value of $5.83, down by 2.20% during the past 24 hours.

Community Doesn’t Want ApeCoin To Switch

ApeCoin, the native token of BAYC and a utility to be in the upcoming Otherside metaverse, will stay on the Ethereum blockchain as the community have voted against it.

Around 54% voted in favor of keeping ApeCoin on the Ethereum blockchain, as per the Snapshot, a tracker. About 3.8 million tokens voted in favor of keeping it intact on Ethereum, while 3.3 million were not in favor. A major bit of coins belong to its creators Animoca Brands and Andreessen Horowitz.

The discussions regarding keeping ApeCoin on Ethereum blockchain sparked when transaction fees surged during the sale of digital land parcels called Otherdeeds previous month.

Acquirers, some of whom were holding ApeCoin, had to pay an extreme transaction fee than the digital land’s cost itself.

Yuga Labs, creator of BAYC, offered hands in facilitating sale, stated the ApeCoin community governing the tokens must consider making its own chain.

Many crypto applications have switched chains before, including a few DEXs involving Uniswap, which initially operated on Ethereum then extended its operations on other networks.

For instance, Dapper Labs, has made its own chain, Flow, for virtual collectibles and games.

The decision to switch to another blockchain is an expensive, risky, and sophisticated endeavor with several moving parts which may, if not considered thoughtfully, might prove to be chaotic, or at worse, deserted by Yuga Labs and other organizations which are vital to ApeCoin.

The vote against switching from Ethereum to another network does not preclude owners of ApeCoin from considering mobilizing the token to a so-called L 2 blockchain which utilizes Ethereum as its backbone, but delivers diminished transaction fees, stated the proposal.

Ethereum blockchain works as a proof of work algorithm, rendering it a threat to the environment. A latest attempt to switch the PoW mechanism to Proof of Stake mechanism might make the blockchain more environmentally friendly.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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