The problems that projects based on the Ethereum network faced frequently became the reason for the ApeCoin community to move from the blockchain.
ApeCoin community members estimated for a few months now where the transactions speed and gas fees had been their major concerns since the project is based on Ethereum network. Not a hidden fact that the Ethereum network has several problems like these, and due to which many projects based on the network suffer, ApeCoin is no exception.
It’s been a while since the firm behind the popular NFT collections Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), Yuga Labs has brought a proposal to shift ApeCoin from its current Ethereum blockchain network. The proposal has received a lot of APE holders’ participants voting for their opinion.
The voting is going on community voting organized on Snapshot and according to which, ApeCoin DAO anticipated to reverse the decision from the proposal of Yuga Labs. Many APE whales voted against the ApeCoin DAO’s proposal for the time being to remain on the Ethereum network, as per current statistics of voting.
Voting regarding the proposal started on 3rd June and was supposed to end by 9th June. The votes in favor of shifting ApeCoin away from Ethereum seem to go ahead of those who want the project to stay. The voting procedure was to use APE tokens as a measure to count the votes. About 1.4 million APE tokens are put up in support of moving the ApeCoin to a new blockchain where those in favor of ApeCoin can stay on the network count for 1.1 million APE tokens, as per the statistics.
However, the voting has still time to wrap up where the votes are yet to be cast for support or against the proposal, which could significantly determine the future products of Yuga Labs. Along With this, another concern is also about when Otherside Metaverse will become functional and fully operational.
Both have their own facts and arguments to support their opinion. Those who want ApeCoin to stay on the Ethereum blockchain despite the challenges for users want it to stay there considering the legacy and its imminent future. It’s quite clear now that the Ethereum network is soon to shift from Proof-of-work to proof-of-stakes consensus mechanism. So the reason behind the proposal of ApeCoin DAO to continue on Ethereum blockchain would bring the benefits that are supposed to come along with Ethereum 2.0.
Source: https://www.thecoinrepublic.com/2022/06/08/what-came-out-in-the-voting-for-a-proposal-to-move-apecoin-from-ethereum-until-now/