Built primarily on the Ethereum ecosystem, Apecoin is the native cryptocurrency belonging to the APE ecosystem. However, recent developments have led to a quandary in the community of Apecoin. The community is deciding whether to stay a part of the Ethereum ecosystem or not.
The AIP-41 meeting formally started yesterday (June 3rd, 2022). According to Eastern Time, the voting process will likely end on June 8, 2022, at 9 PM.
One of the main reasons for initiating such a decision-making process is the crypto crash gloom that has disturbed the stability of almost every cryptocurrency out there. Similarly, Apecoin (APE) has also lost 57% of its value against the US dollar within the last 30 days.
The official Twitter account of Apecoin had already updated the entire community on the commencement of the voting process. The voting will continue until Wednesday next week at 9 PM Eastern Time. The proposal that has been put forward and is now open for the vote is called AIP-41. AIP stands for Apecoin Improvement Proposal. AIP summarizes the entire debate open to be read by any community member and then voted accordingly.
There is an explicit mention of Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), stating that those creators had said in April this year that APE must migrate to another blockchain. BAYC creators declared that for Apecoin to properly scale, it must migrate to its chain.
However, the summary also reads further that Apecoin’s DAO believes that APE must not migrate to any other blockchain not secured by Ethereum. Rather, APE should stay within the Ethereum ecosystem. He further states that migrating to a different chain is highly risky, complex, and costly, especially in such times. If gone wrong, it can end catastrophically.
The community seems to have a divided stance here. Some people consider DAO’s announcement right, while others believe migrating is the viable option. Nevertheless, certain community members have suggested APE scale-like Zksync, Arbitrum, and Optimism. Whereas a vast proportion of the community also recommends migrating to a chain other than Ethereum like Avalanche.
The Ethereum fees have significantly dropped recently. It only charged less than $3 per transaction. However, this week, the transaction fees have started to increase, and the average gas fee is $9.87 at the time of the writing.
APE is a valuable asset in the digital industry. The cost of migrating APE would be tremendous, considering that the market cap is around $1.77 billion while the global trade volume during the past 24 hours has been $252 million.