Voting begins on the Proposal of Keeping APECOIN in the Ethereum Ecosystem 

The Apecoin community is now arguing whether or not the cryptocurrency should remain in the Ethereum ecosystem. 

While voting on AIP-41 began today, the proposal’s voting period will expire at 9 p.m. on June 8, 2022. (ET). 

The voting begins

This week, the Apecoin community will vote on whether or not the native token apecoin (APE) should remain on the Ethereum network. 

The voting procedure was announced on the official Apecoin Twitter account to keep the community updated.

Apecoin’s community has begun voting on whether or not the asset should remain on Ethereum.

“The proposal up for a vote is AIP-41, which asks that ApeCoin remains within the Ethereum environment,” according to the tweet.

 “Voting will close at 9 p.m. ET on Wednesday, June 8th, so be sure you vote before then.” The tweet also includes a link to Apecoin Improvement Proposal (AIP) 41, a document that describes the issue.

APE to relocate to another blockchain

Yuga Labs, the founders of the Bored Ape Yacht Club (BAYC), announced in a tweet that APE needs to relocate to another blockchain, according to the summary. “It is apparent that apecoin will need to migrate to its own chain in order to truly expand,” the company declared on April 30.

According to AIP-41, the Apecoin DAO thinks that “ApeCoin should remain within the Ethereum ecosystem, and not migrate elsewhere to an L1 chain or sidechain that is not protected by Ethereum.”

For the time being, most of the debate is polarized, with some individuals agreeing with the Apecoin DAO’s viewpoints and others disagreeing. 

Scaling solutions such as Arbitrum One, Zksync, Optimism, and Immutable X were mentioned by a few people. 

Others see APE moving to another chain, such as Avalanche. One commentator commented, “Moving away from ethereum is absolutely the greatest mistake they can do.” 

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Ethereum prices have declined significantly in recent months, to around $3 each transfer, but they are starting to increase again this week, with the average gas fee being 0.0056 ETH ($9.87 per transaction).

Moving an ERC20 asset like apecoin (APE) might be more expensive than transferring ether. Apecoin’s value has dropped, with the cryptocurrency now trading at $26.70 per APE, down 77.3 percent from its all-time high of $26.70 on April 28. 

APE has lost 57 percent of its value in the last month, while apecoin has dropped 4.9 percent in the previous seven days.  

Today, APE has a market valuation of roughly $1.77 billion, with $252 million in worldwide transaction activity in the last 24 hours.

Meanwhile, in the previous 30 days, the project’s native token, APE, has lost 57 percent versus the US dollar.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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